Which of the following statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day.
B. U.S. GDP per capita is five times larger than the world average.
C. The poorest nations of the world have average incomes of $5,000.
D. According to world standards, 12 percent of Americans are poor.
Answer: B
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Supply-side economics is based on the idea that reducing taxes has the effect of benefiting society as a whole.
a. true b. false
Figure 11-3
In Figure 11-3, which of the following is true, whether or not the monopolist is maximizing profits?
A. MR < P. B. MC = P. C. MC < AC. D. MR = P.
The owner of a garage makes large contributions to a politician who is seeking the office of state governor. If his candidate wins, he will get the contract, which now resides with a competitor, to repair State Police vehicles. This is an example of
a. moral hazard. b. externality. c. rent seeking. d. investment.
“Competition is the mechanism that brings order out of potential chaos in a price-directed economy.” Explain
Please provide the best answer for the statement.