The measures of absolute poverty:
a. are inversely related to the degree of income equality in a country.
b. are directly related to the degree of income equality in a country.
c. depend on the prosperity of the poorest 50 percent of population.
d. determine the degree of income inequality.
e. are completely independent of the degree of income inequality.
e
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The price of crude oil increased to $100 per barrel in early 2008. What would we expect to see happen to the supply of gasoline, which is produced using crude oil?
A) The supply of gasoline will increase. B) The supply of gasoline will decrease. C) The supply of gasoline will stay the same because the government requires gasoline producers to meet statutory minimum production levels. D) The supply of gasoline will stay the same because of the profit motives of gasoline producers.
If a nation merges its currency with another nation to create a single currency, what must it give up?
a. the ability to purchase currency in foreign exchange markets b. the ability to determine its own nationally-oriented monetary policy c. the ability to fight recessions and control inflations d. the ability to sell currency in foreign exchange markets
The United States need never pay off the national debt; it can simply refinance the debt when it comes due. The flaw in thinking that the government must pay it off is based on the fallacy of
A. benefit-cost ratio. B. post hoc, ergo propter hoc. C. composition. D. a priori expectations.