Explain the difference between poverty in the United States and poverty in the rest of the world.
What will be an ideal response?
Poverty in the United States is about relative deprivation, meaning that poor people have much less than the average American. However, the U.S. poor are much better off than the poor in other countries, where poverty is about absolute deprivation. In addition, compared to global poverty, poverty in the United States is less permanent.
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All economic questions arise from the fact that resources are unlimited
Indicate whether the statement is true or false
Which one of the following people is cyclically unemployed?
A) a Nova Scotia fishery worker who is searching for a better job closer to home B) a Saskatchewan welder who lost her job when her company relocated to B. C. and is currently looking for a job C) a steel worker who is laid off but who expects to be called back soon D) an office worker who has lost her job because of a general slowdown in economic activity E) none of the above
In 1975 tuition at Wattsomata University was $2,500 and the consumer price index was 80 . In 2011 tuition was $12,000 and the price index was 320 . Which of the following is correct?
a. Nominal and real tuition were both higher in 1975. b. Nominal and real tuition were both higher in 2011. c. Nominal tuition was higher in 1975, real tuition was higher in 2011. d. Nominal tuition was higher in 2011, real tuition was higher in 1975.
According to the new classical theory, if the public correctly anticipates a government policy to increase aggregate demand, then
A) there will be a short-run tradeoff between inflation and unemployment, but there will not be a long-run tradeoff. B) there will be a long-run tradeoff between inflation and unemployment, but there will not be a short-run tradeoff. C) there will be both a long-run and a short-run tradeoff between inflation and unemployment. D) there will be neither a long-run nor a short-run tradeoff between inflation and unemployment. E) there may be a short-run tradeoff between inflation and unemployment, but one cannot say for certain whether there will be a long-run tradeoff.