Explain the difference between poverty in the United States and poverty in the rest of the world.
What will be an ideal response?
Poverty in the United States is about relative deprivation, meaning that poor people have much less than the average American. However, the U.S. poor are much better off than the poor in other countries, where poverty is about absolute deprivation. In addition, compared to global poverty, poverty in the United States is less permanent.
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List three things that shift the short-run Phillips curve to the right
What usually decreases as the rate of inflation increases?
A. Money supply B. Interest rates C. Export quotas D. Purchasing power
The real exchange rate between two currencies tells us:
a) changes in the exchange rate over time b) how many units of one currency can be purchased with one unit of the home currency C) how much in terms of goods and services the home currency will buy in the foreign nation compared to the home nation
Build-Right Concrete Products produces specialty cement used in construction of highways. Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form:Q = aPbMc
where Q = yards of cement demanded monthly, P = the price of Build-Right's cement per yard, M = state tax revenues per capita, and PR = the price of asphalt per yard. The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below: 
height="198" width="577" />Given the above, if tax revenue per capita (M) increases 5%, the estimated quantity of cement demanded will A. increase more than 1% but less than 5%. B. increase more than 5% but less than 10%. C. increase by less than 1%. D. increase more than 10%.