Which of the following statements is true?
A. American poverty is defined by homelessness and malnutrition.
B. Approximately 25 percent of Americans live in poverty.
C. American poverty is less severe than global poverty.
D. American poverty standards are below world poverty standards.
Answer: C
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The long-run cumulative dynamic multiplier
A) cannot be calculated since in the long-run, we are all dead. B) is the sum of all individual dynamic multipliers. C) is the coefficient on Xt-r in the standard formulation of the distributed lag model. D) is the difference between the coefficient on Xt-1 and Xt-r.
Which of the following is true of the equation of exchange?
a. It states that the product of the price level and velocity of money is equal to real GDP. b. It states that aggregate demand in an economy is equal to total investment spending. c. It states that money supply times velocity of money equals real GDP d. It states that velocity of money is equal to the ratio of nominal GDP and money supply. e. It changes to the quantity theory of money if the price level is assumed to be constant.
Resources are used more efficiently if people, regions, and countries specialize in goods for which they have a(n): a. disincentive to trade with others
b. higher opportunity cost. c. absolute advantage in production. d. comparative advantage in production.
The key issue in determining the relevant product market is
A. the market share test. B. the production processes used to produce the goods. C. the degree of interchangeability between products. D. the specific geographic area in which competing products overlap.