Poverty is considered to be more permanent in the United States than it is in other nations.
Answer the following statement true (T) or false (F)
False
Global poverty is not only more desperate than American poverty, but also more permanent because in some of the poorest nations in the world, output grows more slowly than the population, intensifying the competition for resources.
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A decrease in demand with the supply held constant leads to:
a. an increased equilibrium price and a decreased equilibrium quantity. b. a decreased equilibrium price and a decreased equilibrium quantity. c. an increased equilibrium price and an increased equilibrium quantity. d. a decreased equilibrium price and an increased equilibrium quantity.
According to the text, which of the following statements BEST describes U.S. factor abundance in 1947?
a. Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the "effective" labor force in the rest of the world. b. Taking into account different labor productivities, the U.S. '"effective" labor force was much smaller than the "effective" labor force in the rest of the world. c. Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the '"effective" capital stock force in the rest of the world. d. Corrected data indicate that the United States was actually was a laborabundant and capitalpoor country in 1947.
The growth rate of potential GDP is the sum of the growth rates of
A. labor force and population. B. labor force and labor productivity. C. labor force and capital stock. D. labor productivity and capital stock.
A firm can maximize profit (net benefit) by choosing to produce that level of output at which
A. the additional revenue from the last unit sold equals the additional cost of that unit. B. the additional revenue from the last unit sold is just a little more than the additional cost of that unit. C. the difference between the additional revenue from the last unit sold and the additional cost of that unit is maximized. D. total revenue equals total cost.