A narrowly conceived physical quality-of-life index attempts to measure:
a. the gross national income.
b. absolute poverty levels.
c. the level of social injustice.
d. the level of technological progress.
e. living standards.
e
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Deflation is a situation in which the:
A. prices of most goods and services are rising over time. B. quantity of goods and services produced is increasing over time. C. prices of most goods and services are falling over time. D. quantity of goods and services produced is decreasing over time.
When consumers' incomes increased 6 percent, the quantity of wine bought increased 12 percent. This result means
A) wine is a luxury. B) the demand for wine is income inelastic. C) wine is a necessity. D) wine is an inferior good.
Both tariffs and quotas
a. benefit domestic consumers by lowering prices b. benefit domestic consumers by expanding consumption choices c. are illegal in the United States d. benefit domestic producers e. are policy tools that help bring about free trade
A black market could arise as a result of:
A. The imposition of a legal price floor below the equilibrium price B. The imposition of a legal price ceiling above the equilibrium price C. The imposition of a legal price floor at the equilibrium price D. The imposition of a legal price ceiling below the equilibrium price