About how many people out of 7 billion live on just $1.25 a day in the world?
A. 500 million
B. 2 billion
C. 700 million
D. 1.5 billion
Answer: C
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An increase in government spending increases the supply of money in our economy
Indicate whether the statement is true or false
In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?
a. The base year is always the first year among the years for which computations are being made. b. It is necessary to designate a base year only in the simplest case of two goods; in more realistic cases, it is not necessary to designate a base year. c. The value of the consumer price index is always 100 in the base year. d. The base year is always the year in which the cost of the basket was highest among the years for which computations are being made.
A progressive tax system is one in which tax rates rise as incomes rise.
Answer the following statement true (T) or false (F)
The economy of Cuba most closely approximates:
a. A market economy b. A command economy c. Pure capitalism d. Laissez-faire capitalism