When viewed from a worldwide perspective, extreme poverty equates to people living on
A) less than $1 or $2 per day
B) less than $10,000 per year
C) at the bottom 10 percent of their countries' income distribution
D) at the bottom 10 percent of worldwide income
Answer: A) less than $1 or $2 per day
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The model of expectations in which the current level of inflation depends on past levels is referred to as:
A) realized real expectations. B) adaptive expectations. C) rational expectations. D) composite expectations.
Refer to Figure 17-9. A follower of the new classical macroeconomics would argue that ________ like that pursued by Paul Volcker in 1979, would result in a movement from C to A
A) expansionary fiscal policy B) expansionary monetary policy C) contractionary monetary policy D) contractionary fiscal policy
The typical workweek of a U.S. worker has fallen over the last century from about:
a. 50 hours per week to less than 40 hours per week. b. 60 hours per week to less than 40 hours per week. c. 40 hours per week to less than 30 hours per week. d. 70 hours per week to less than 60 hours per week.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.