The relative poverty line defines poverty:
A. in relation to the income of the rest of the population.
B. based on the expenditure on food relative to total income.
C. as the price of basic food, clothing, shelter and utilities, and adjusts for geographic differences in the cost of living.
D. None of these is true.
A. in relation to the income of the rest of the population.
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Which of the following statements is TRUE?
A) Both wealth and income measure variables over a period of time. B) Wealth measures a variable at a point in time and income measures a variable over a period of time. C) Wealth measures a variable over a period of time, and income measures a variable at a point in time. D) Both wealth and income measure variables at a point in time.
If the price of a good is 0, a consumer will
a. consume all units that have positive total utility b. consume an infinite quantity c. consume all units with positive marginal utility d. consume the entire amount supplied e. consume until total utility becomes 0
Which of the following is an incorrect statement?
a. Macroeconomic equilibrium occurs at the intersection of the aggregate demand and aggregate supply curves. b. The aggregate supply curve indicates a positive relationship between the price level and GDP. c. Other things equal, a downward shift of the aggregate demand curve implies that the economy is entering a contractionary phase. d. Aggregate demand and aggregate supply determine the equilibrium price and quantity of any given good. e. The aggregate demand curve indicates a negative relationship between the price level and GDP.
The United States provides most of its economic aid through the
a. World Bank b. Agency for International Development (AID) c. Group of 77 d. private sector e. NIEO