In recent years in China, the fraction of the population living below the international poverty line ($1.25 per person per day):
A. fell substantially.
B. fell to zero.
C. increased more on average compare to other developing countries.
D. increased dramatically.
Answer: A
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The supply curve for a perfectly competitive industry is obtained by
A. making an empirical study of historical data. B. vertically summing the supply curves of firms in the industry. C. horizontally summing the average cost curves of firms in the industry. D. horizontally summing the supply curves of firms in the industry.
A tax on productive activity tends to
a. increase formal market activity because it decreases prices b. decrease formal market activity because it increases work incentives c. decrease formal market activity because it lowers the return on such activity d. decrease activity in the underground economy because people are afraid of being connected with tax fraud e. increase activity in the underground economy because people are afraid of being connected with tax fraud
The table gives data on the production and prices in a small economy. Use 2012 as the base period
a. What does nominal GDP equal in 2012? b. What does real GDP equal in 2012? c. What does nominal GDP equal in 2013? d. Using the chained-price method, what does real GDP equal in 2013?
An economic theory is also known as an economic
A. conclusion. B. prediction. C. assumption. D. model.