The "War on Poverty" was declared by President Ronald Reagan in 1982
a. True
b. False
Indicate whether the statement is true or false
False
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An income effect
A. is measured as the change in prices over time. B. is not possible when people are unemployed. C. requires interest rates to remain constant. D. is the change in the quantity demand, due to the fact that real income changes when prices change.
Which of the following observations concerning phases of a business cycle is incorrect? a. The maximum amount of unemployment occurs exactly at the trough. b. The expansion phase is measured from the trough to the peak
c. The trough is the point in time when output stops declining. d. The contraction phase is also called recession.
Parity pricing was introduced into agricultural markets in order for farmers to
a. keep prices low for consumers b. stop producing such large surpluses year in and year out c. earn a standard of living that was similar to that enjoyed by nonfarm workers d. produce surpluses that could be shipped to developing countries experiencing famine e. enjoy high profits during the Great Depression
Refer to Table 18.1. Panama has a comparative advantage in
A) gloves. B) hats. C) both hats and gloves. D) neither hats nor gloves.