If you fall short of a certain minimum standard of living, you are poor; once you pass this standard, you are no longer poor. This refers to the ____ definition of poverty.
A. average
B. absolute
C. relative
D. threshold
Answer: B
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A proportional income tax is a tax that taxes income at a constant rate
Indicate whether the statement is true or false
Which of the following characterizes the largest difference between the way decisions are made in the private sector versus the public sector?
A) The incentive system for individuals to perform efficiently are vastly different. B) The workers themselves are really quite different types of people. C) In both sectors individuals will try to maximize their own individual gains over the gains of others. D) Costs and resources are vastly different in each sector.
Perishable goods such as tomatoes and milk are never used as a form of money, primarily because they cannot function as:
a. a store of purchasing power. b. a means of payment. c. a standard of deferred payment. d. a medium of exchange. e. a unit of account.
Which of the following is an example of a nonrenewable natural resource?
a. tin b. petroleum c. gold d. All of the above are correct.