Low-income countries are classified as having
a. less than $1,025 per capita income.
b. less than $5,000 per capita income.
c. less than $9,190 per capita income.
d. less than $12,475 per capita income.
a. less than $1,025 per capita income.
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If the minimum wage is set above the equilibrium wage, after taking into account the resources lost in job search, the firms' surplus ________ and the workers' surplus ________
A) increases; increases B) increases; decreases. C) decreases; increases D) decreases; decreases E) does not change; decreases
The table above represents five points on the production possibility frontier for the small country of Baca, which produces only rugs (measured in thousands) and wheat (measured in thousands of bushels): Does the production possibility frontier
demonstrate the law of increasing opportunity cost? How can you tell?
In the classical model, high unemployment due to a change in aggregate demand
A) can persist for an indefinite period of time. B) will return to its normal level quickly as wages adjust. C) will persist if due to a supply shock but not if due to a demand shock. D) never exists because unemployment can never deviate from its normal level.
If the Fed sells a U.S. government bond to a bank, what is the effect on the money supply? a. It will increase
b. It will not change. c. It will decrease. d. It will be uncertain.