The purchasing power of the average person in the world today is:
A. is about the same as it has been during the last two centuries.
B. more than 30 times as high as it was 200 years ago.
C. has increased steadily over the last two centuries.
D. more than 20 times as high as it was 300 years ago.
Answer: B
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An example of in-kind income is: a. a welfare payment
b. a cash grant. c. a housing subsidy. d. an unemployment check.
Which of the following factors causes economic growth?
a. a decline in capital goods production b. a loss of resources c. the production of more scarce goods d. a technological improvement e. the production of more consumer goods
In the long run, profit-maximizing monopolists facing a downward-sloping demand curve
a. may earn profits greater than their opportunity costs of capital. b. do not produce every possible unit of output for which marginal utility is greater than or equal to marginal cost. c. may or may not have lower costs than perfectly competitive firms in the same industry. d. All of the above are correct.
Government bond:
What will be an ideal response?