The concept of poverty is culturally determined, and hence people are defined as "poor" in relation to others
a. True
b. False
Indicate whether the statement is true or false
True
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What are three options a company has when it wants to finance a new project?
What will be an ideal response?
A small decrease in a production quota will have a large impact on the support price if:
A) demand is completely elastic. B) demand is highly (but not completely) elastic. C) demand is inelastic. D) The demand elasticity does not affect the price outcomes of a quota program.
Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level becomes higher due to some change in economic conditions. Which of the following will occur eventually?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.
If a resource is purchased and sold in a perfectly competitive market:
a. there are a large number of resource suppliers and the resources are identical. b. there is a single buyer of resource and the resources are identical. c. there is a single buyer of resource and the resources are differentiated. d. there are a large number of resource suppliers and the resources are differentiated. e. there are a large number of resource suppliers and there is no entry or exit.