Under a relative concept of poverty, poverty
A. doesn’t really exist.
B. is higher in rich countries than in poor countries.
C. can never be wholly eliminated by public policy.
D. declines as technology advances.
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The figure shows the market for college education. In order for the efficient amount of education to occur, the government could provide a voucher of ________ per student
A) $4,000 B) $8,000 C) $12,000 D) $20,000 E) $16,000
Financial intermediaries are best described as:
a. informal institutions that provide funds to the government to manage budget deficits. b. institutions that accept deposits and make loans. c. institutions that control the money supply in the economy. d. institutions that provide financial aid to foreign countries. e. individuals who manage other's investment portfolios.
An elastic supply is one in which the elasticity is greater than:
a. two. b. four. c. one. d. three.