Which of the following best defines the vicious circle of poverty?
a. Countries are poor because of lack of education and training for workers.
b. Countries are poor because of poor international credit.
c. Countries are poor because of high population growth.
d. Countries are poor because they cannot afford to save and invest.
d
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With a tax of $4,000 on $24,000 taxable income, the average tax rate is
A. 16.67%. B. 23.45%. C. 20%. D. 25%.
If U.S. exports are $150 billion and U.S. imports are $100 billion, which of the following is correct?
a. The U.S. has a trade surplus of $100 billion. b. The U.S. has a trade surplus of $50 billion. c. The U.S. has a trade deficit of $100 billion. d. The U.S. has a trade deficit of $50 billion.
An increase in the marginal propensity to consume (MPC) will cause the consumption function to become steeper.
a. true b. false
A perfectly competitive industry consists of firms that produce ________ products.
A. unique B. slightly differentiated C. identical D. significantly differentiated