The concept of poverty is culturally determined, and hence people are defined as “poor” in relation to others.
Answer the following statement true (T) or false (F)
True
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Suppose the country of Dingo experienced an economic trough in January 2011. We can conclude that
A) real GDP in Dingo was increasing in January 2011. B) an expansion occurred after January 2011. C) Dingo did not experience a recession in 2010. D) Dingo's potential GDP fell in 2011.
The government’s role in a laissez-faire system includes
A. determining market prices B. constructing and maintaining roads and infrastructure C. determine the levels of profits earned by firms D. impose minimum wages
A trade surplus occurs when:
A. exports exceed imports, so that a country is producing more than it is consuming. B. imports exceed exports, so that a country is producing more than it is consuming. C. imports exceed exports, so that a country is consuming more than it is producing. D. exports exceed imports, so that a country is consuming more than it is producing.
Which of the following statements about the way markets allocate resources is most accurate from society's perspective?
A. Markets always fail to allocate resources properly, so we must rely on the government to determine the proper use of our resources. B. The market may not always allocate resources in a way that is in society's best interest. C. Resource allocation by markets may not be perfect, but it is always better than government allocation of resources. D. The market always allocates resources in the best way.