How can changes over time of the average height of the people in a country help to indicate the standard of living in a country?
What will be an ideal response?
A person's height partly relies on nutritional status, which depends on a person's food intake relative to the work the person has to perform, whether the person is able to remain warm in cold weather, and the diseases to which the person is exposed. Height, then, can be used as a measure of health and well-being, and therefore a measure of the standard of living.
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Price is taken to be a "given" by an individual firm selling in a competitive market because
A. there are no good substitutes for the firm's product. B. each producer supplies a negligible fraction of the total market. C. the firm's demand curve is downward-sloping. D. product differentiation is reinforced by extensive advertising.
Which of the following factors has led to poor plan performance?
(a) unanticipated changes, such as in terms of trade. (b) corruption of government officials. (c) foreign firms are less subject to the constraints of the plan than domestic ones. (d) all of the above. (e) none of the above.
Which of the following statements accurately describes the two measures of the money supply?
A) The two measures do not move together, so they cannot be used interchangeably by policymakers. B) The two measures' movements closely parallel each other, even on a month-to-month basis. C) Short-run movements in the money supply are extremely reliable. D) M2 is the narrowest measure the Fed reports.
Which of the following is not a store of value?
a. Federal Reserve notes. b. Credit card. c. Debit card. d. Passbook savings deposit.