The graphic for India, China, Brazil and the US showing income groups and percentages of total country income for each group highlights that
A) there are income differences within highly developed countries such as the U.S. but these are relatively small in comparison to BRIC countries
B) income differences within the BRIC countries are very large
C) income differences across countries like the DRC, BRIC, and the U.S. are very large
D) all of the above
Answer: D) all of the above
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Which of the following groups of people will NOT be considered as employed?
A) Government representatives earning a fixed salary every month B) Housewives raising kids at home C) Paid workers in the agricultural sector of a country D) Teachers in public schools
In the long run, the economy needs applied research geared toward specific products more than it needs basic research, which is not motivated by or directed toward manufacturing
a. True b. False Indicate whether the statement is true or false
On a certain date the banking system had $2 billion in excess reserves. The legally required reserve ratio was 12.5 percent. Potentially, if these funds were fully loaned out, the banking system as a whole could increase the money supply by a maximum of: a. $0.25 billion. b. $2.5 billion
c. $12.5 billion. d. $16 billion
The typical American family spends about ____ percent of its budget on goods, and the remainder on services
a. 22 b. 34 c. 68 d. 74