According to the World Bank, nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.
Answer the following statement true (T) or false (F)
True
Low income individuals in the United States enjoy a higher standard of living than billions of poor people in other nations.
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If unrealized capital gains are not taxed, then individuals _____
a. have no incentive to own assets that are going to appreciate in value b. have little incentive to own assets that are going to appreciate in value c. have strong incentive to own assets that are going to appreciate in value d. have incentives to not sell assets that have appreciated in value
A local restaurant offers an "all you can eat" Sunday brunch for $12 . Susan eats four servings, but leaves half of a fifth helping uneaten. Why?
a. Her marginal value of a serving of brunch has fallen below $12. b. Her marginal value of a serving has fallen below $2.36 ($12 divided by 5 servings). c. Her marginal value of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.
An economist has conducted extensive research and has found that Jones Cola is a substitute for Tucker Cola. Ceteris paribus, the price of Jones Cola increases. The impact on the demand curve for Tucker Cola is a(n):
a. increase in demand. b. decrease in demand. c. increase in quantity demanded. d. decrease in quantity demanded.
Price elasticity of demand measures the responsiveness of quantity demanded in a market to a change in price
a. True b. False Indicate whether the statement is true or false