Almost half of the world lives on less than $____ a day.
Fill in the blank(s) with the appropriate word(s).
Answer: 2
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen asĀ
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Perfectly competitive firms produce up to the point where the price of the good equals the marginal cost of producing the last unit. This condition is referred to as
A) allocative efficiency. B) constant returns to scale. C) perfectly competitive efficiency. D) productive efficiency.
A tradable allowance is:
A. the minimum amount set by the government that can be bought or sold in a market. B. the permitted price for the trade of a particular good. C. a production or consumption quota that can be bought or sold. D. None of these statements is true.
The law of increasing additional cost exists because
A) resources are not perfectly adaptable to both production processes. B) the demand for the product increases. C) the cost of resources of the products increase. D) the cost of resources of the products decrease.