The percent of population that experiences transient poverty at some point in their lives is:
A. less than 10 percent.
B. approximately 12 percent.
C. more than 25 percent.
D. approximately 40 percent.
C. more than 25 percent.
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National saving
a. is the total income in the economy that remains after paying for consumption. b. is the total income in the economy that remains after paying for consumption and government purchases. c. is always greater than investment for a closed economy. d. is equal to private saving minus public saving.
The purpose of the Corn Laws was to
A. discourage imports and encourage exports, and thus keep the price of food high. B. encourage both exports and imports in order to integrate the British economy with the rest of Europe. C. discourage both imports and exports in order to promote economic self-sufficiency in Britain. D. encourage imports and discourage exports, and thus keep the price of food low.
In a competitive market, each firm
A. has costs that are external (externalities). B. is the single seller of that good. C. can easily enter or exit the market. D. sets its own prices.
Over a 10-year period, the Consumer Price Index doubled. On the basis of this information and using the rule of 72, we can say that the average annual rate of inflation over this period was approximately
A. 9%. B. 7%. C. 5%. D. 10%.