Which of the following is least likely to be a reason for the difficulty in measuring poverty across countries?
a. Different currencies
b. Different customs
c. Different living arrangements
d. Different trade balances
e. Limited data
d
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Why do individuals decide to herd?
What will be an ideal response?
A worldwide system of fixed exchange rates was organized and maintained under the International Monetary Fund
A) in the three decades before World War I. B) in the years between the world wars. C) from the end of World War II until the early 1970s. D) from the early 1960s to the late 1980s.
Like monopolists, oligopolists are aware that an increase in the quantity of output always
a. reduces the price of their product. b. reduces their profit. c. reduces their revenue. d. reduces productivity.
The existence of the time inconsistency problem in macro policy suggests which of the following?
A) Use fiscal and monetary policy to fine tune the economy. B) Reduce the independence of the central bank. C) Appoint someone who is more conservative (economically) than the rest of the government to head the central bank. D) Intervene frequently in the foreign exchange market. E) Eliminate rational expectations from econometric models used for forecasting.