(Consider This) According to The Economist magazine, growing income inequality is less of a concern because:
A. it is increasing at a decreasing rate.
B. the poor have increasingly better access to goods and services once only available to the
rich.
C. poverty rates have fallen below 10 percent.
D. government transfers eliminate virtually all consumption inequality.
Answer: B
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A public debt that is owed to foreigners can be burdensome because
A. the payment of interest will necessarily have a deflationary effect on prices in the paying nation. B. the payment of interest will conflict with a nation's foreign aid programs. C. the payment of interest reduces the volume of goods and services available for domestic uses. D. foreign interest rates are persistently higher than domestic interest rates.
The identity stating that the total amount spent on final output equals the amount received for final output is known as the
A) equation of exchange. B) circular flow identity. C) identity equation. D) fundamental law of economics.
Assume that China has a comparative advantage in producing corn and exports corn to Japan. We can conclude that
A) Labor costs are higher for corn producers in Japan than in China. B) China also has an absolute advantage in producing corn relative to Japan. C) Japan has an absolute disadvantage in producing corn relative to China. D) China has a lower opportunity cost of producing corn relative to Japan.
How do capital markets fit the general tendency toward ‘globalization'?
What will be an ideal response?