The U.N.'s Millennium Poverty Goal is to
A. Keep the number of people in poverty at a constant level.
B. Cut the percentage of people in extreme poverty in half worldwide.
C. Reduce the percentage of people in severe poverty in the poorest nations.
D. Cut the absolute number of people in extreme poverty in half worldwide.
Answer: B
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When demand increases,
A) consumers are willing to buy more at any price. B) consumers buy more of the good only if its price falls. C) the price is lower at any level of quantity demanded. D) consumers buy more of the good only if its price rises. E) the demand curve shifts leftward.
In the long run, under perfect competition:
A) firms earn positive economic profit because of economies of scale. B) firms earn positive accounting profit because of government regulations. C) firms earn zero economic profit because of free entry and exit of firms. D) firms earn negative economic profit because of free entry and exit of firms.
The short-run aggregate supply curve is vertical
Indicate whether the statement is true or false
Refer to above figure in which negative externality existed. The government imposes a $1.00 pollution tax on the producer. Supply shifts leftward.
A. This tax will be borne entirely by the producer. B. The amount of the tax shifted to the consumer depends on the consumer's elasticity of the demand curve. C. This tax will be shifted entirely to the consumer. D. The tax will be divided into equal amounts between consumer and producer.