Since 1970, the poverty rate has largely fluctuated between:
A. 5 and 10 percent.
B. 0 and 5 percent.
C. 15 and 25 percent.
D. 10 and 15 percent.
D. 10 and 15 percent.
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Under the gold standard, when a nation had a deficit in its balance of payments,
A) interest rates would rise which would reduce foreign investment. B) interest rates would fall which would increase foreign investment. C) gold would flow to foreign residents and the domestic money supply would decrease. D) gold would flow into the country leading to an increase in the domestic money supply.
The logical (and sometimes illogical) shortcuts that people derive from experience which economize on their mental capabilities are called:
a. irrationalities. b. heuristics. c. statistical errors. d. probabilities.
Assets minus liabilities equal:
A. current income minus spending on current needs. B. wealth. C. saving. D. investment.
The impossibility theorem, demonstrated by Paul Samuelson, shows that it is impossible to have public officials behave in a manner consistent with the best interests of society.
Answer the following statement true (T) or false (F)