The relative concept of poverty means that poverty will never be eliminated.
Answer the following statement true (T) or false (F)
True
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The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The CPI in 2011 is
A) 94.2. B) 140.5. C) 124. D) 100. E) 106.2.
Labor productivity is $20 per hour and aggregate hours are 400 billion hours
a. What does real GDP equal? b. Because of technological advances, labor productivity doubles to $40 per hour. Furthermore, assume that aggregate hours decrease to 300 billion hours. What does real GDP equal?
The Wong family consumes 3 pounds of fish and 5 pounds of chicken per month. The price of fish is $8 per pound and chicken is $4 per pound
a. What is the amount of income allocated to fish and chicken consumption? b. What is the price ratio (the price of fish relative to the price of chicken)? c. Explain the meaning of the price ratio you computed. d. If the Wongs maximize utility, what must the ratio of the marginal utility of fish to the marginal utility of chicken be equal to? e. If the price of chicken rises, will the Wong family consume more chicken, less chicken, or the same amount of chicken? Explain your answer using the rule of equal marginal utility per dollar.
Which of the following is a problem that arises when trying to classify regional trade agreements?
A) Many agreements combine elements from different categories. B) The definition of free trade area includes that of a customs union. C) Some agreements include cultural issues while others do not. D) The most favored nation clause includes all of them. E) None of the above.