As of 2004, the U.S., Canada, and Western Europe account for 60 percent of the world's annual consumption of goods and services while having only about 11 percent of the world's population
Indicate whether the statement is true or false
TRUE
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What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit?
What will be an ideal response?
In the basic closed-economy ISLM model, the goods market equilibrium condition is
A) output = consumption + investment + government spending. B) output = consumption + investment + government spending - tax. C) output = consumption + investment + government spending + net export. D) output = potential output.
Official data may overstate the extent of poverty because
A. poverty is a relative concept as opposed to an absolute concept. B. it does not add “in-kind” transfers to the incomes of the poor. C. it overstates the taxes paid by the poor. D. it overestimates the amount the poor earn in the “underground economy.”
The spending multiplier also applies to investment spending by businesses
a. True b. False Indicate whether the statement is true or false