The theory of purchasing-power parity states that a unit of a country's currency should be able to buy the same quantity of goods in foreign countries as it does in the domestic economy
a. True
b. False
Indicate whether the statement is true or false
True
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A Lorenz curve measures the ________ on the vertical axis
A) cumulative percentage of money income B) cumulative percentage of family wealth C) cumulative percentage of families D) demand of families on welfare
Gary's wealth is $1 million. Economists would say that Gary has $1 million worth of money
a. True b. False Indicate whether the statement is true or false
In a market system, well-defined property rights are important because they:
A. encourage economic activity. B. limit destructive economic growth. C. create economic problems. D. reduce unnecessary investment.
Figure 3.5 illustrates the supply of tacos. A decrease in the supply of tacos is represented by a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.