The poverty gap is the
a. absolute number of people below the international poverty line.
b. percentage of the population below the international poverty line.
c. consumption (measured in dollars) necessary to bring everyone living below the poverty line up to the poverty line.
d. percentage of a country's total consumption necessary to bring everyone in the country living below the poverty line, up to the poverty line.
Answer: d. percentage of a country's total consumption necessary to bring everyone in the country living below the poverty line, up to the poverty line.
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Figure 3-1
According to Figure 3-1, the opportunity cost of one more bushel of wheat is
A. higher at B than at D. B. lower at B than at D. C. equal at B and D. D. impossible to determine from the information given.
If an Industry consists of two large firms, it is known as a(n)
a. monopoly b. perfect competition c. monopolistic competition d. natural monopoly e. duopoly
Refer to the table at right. If the price is? $6 the maximum profit this firm could earn is:
A. ?$414. B. ?$420. C. ?$630. D. ?$210.
Dexter Exploration is in the business of drilling offshore oil wells. What would economists call the production period over which Dexter could locate new oil fields, move its equipment to them, and drill wells?
a. the long run b. the short run c. the margin run d. the fixed term