Of the methods commonly employed to measure poverty and inequality, which offers the most widely used, but also the most misleading, statistic?
a. purchasing power parity
b. poverty level
c. average income
d. cost of living
c. average income
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The principle of comparative advantage essentially states that
A) there are some goods for which the opportunity costs of production are the same regardless of who produces them. B) some goods have high opportunity costs and low absolute costs. C) specialization can reduce output rather than increase it. D) total output of an economic system is greatest when each good is produced by those who have the lowest opportunity cost of producing the good.
As a result of the Great Recession, most financial markets hit bottom around
a. September 2008 b. March 2009 c. September 2009 d. March 2010
The circular-flow diagram is an example of
a. a laboratory experiment. b. an economic model. c. a mathematical model. d. All of the above are correct.
When the percentage change in quantity demanded is less than the percentage change in price, ceteris paribus,
A. Elasticity is impossible to calculate. B. Demand is elastic. C. Demand is inelastic. D. Demand is unitary elastic.