What term is used to denote a tax on imports?
a. gratuity
b. ad valorem
c. subsidy
d. tariff
d. tariff
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If GDP is expected to increase at a steady rate of 3% per year, how many years would it take for living standards to double?
a. 10 b. 20 c. 24 d. 30
A surplus will result whenever the:
a. government imposes a price floor below the equilibrium price. b. government imposes a price ceiling below the equilibrium price. c. government imposes a price floor above the equilibrium price. d. government imposes a price ceiling above the equilibrium price.
The concept of poverty is culturally determined, and hence people are defined as "poor" in relation to others
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of an extrinsic reward?
a. raise b. self-esteem c. praise d. personal development