The average income in a rich country, such as the United States or Japan, is more than
a. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.
b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.
c. 10 times, but less than 20 times, the average income in a poor country, such as Indonesia or Nigeria.
d. more than 20 times the average income in a poor country, such as Indonesia or Nigeria.
c
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If the Fed wants to increase bank reserves, it can:
A. Buy bonds. B. Raise the discount rate. C. Raise the reserve requirement. D. Sell bonds.
Suppose your economics professor has an extra copy of textbook that he or she would like to give to a student in the class. Which of the following schemes is the most likely to result in an efficient outcome?
A. Auctioning off the textbook to the highest bidder. B. Letting students take turns using the textbook. C. Randomly selecting one student to receive the textbook. D. Giving the textbook to the student who has the lowest midterm score.
The government is involved in the U.S. economy for all of the following reasons EXCEPT to
a. promote and encourage competition. b. prevent monopolies that deny the public the benefits of competition. c. regulate industries in which a monopoly is in the public interest. d. promote the development of market externalities.
Formula for CPI
What will be an ideal response?