One of the factors that causes differences in inequality across countries is:
A. how many income earners there are relative to total population.
B. the extent to which governments redistribute income through the public budget.
C. the amount of jobs that are available in the country.
D. the labor force participation rate within countries.
Answer: B
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The major economic problem is to:
a. provide for full employment. b. eliminate scarcity. c. increase the standard of living. d. allocate limited resources among unlimited uses. e. increase leisure.
The parity price ratio in the 1990s is
a. approximately 100 percent of the 1910–1914 ratio b. less than the 1980s ratio but higher than the ratio of previous decades c. less than the ratio of previous decades d. approximately twice the ratio of the 1980s e. actually negative
What is the general format of the consumption function? Explain what each term means and use the consumption function to explain the three different ways that consumption can increase
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?