A key to creating effective policy to fight poverty is to understand:
A. the correlation between education and income.
B. the correlation between income and geographic location.
C. why people are poor.
D. the unintended consequences of reductions in the incentive to work.
Answer: C
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Refer to the production possibilities frontier in the figure above. Which production point indicates that resources are NOT fully utilized or are misallocated?
A) point a B) point b C) point c D) point e
If the rate of inflation in a given time period turns out to be lower than lenders and borrowers anticipated, then the effect will be:
a. a redistribution of wealth from borrowers to lenders. b. a redistribution of wealth from lenders to borrowers. c. a net loss in purchasing power for lenders relative to borrowers. d. a net gain in purchasing power for borrowers relative to lenders.
Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society. b. Markets determine the distribution of output among members of society, but not what goods are going to be produced. c. Markets determine both what goods are going to be produced and the distribution of output among members of society. d. Government can redistribute income without changing what will be produced in a society.
Due to small profit margins in perfect competition, it is argued that technological development may happen to a greater extent under oligopoly
Indicate whether the statement is true or false