The idea of purchasing power parity:
A. rarely holds.
B. explains why standards of living have changed over time.
C. always holds.
D. explains how standards of living is fixed over time.
Answer: A
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According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted. B) they ignore the income mobility of individual families and households through time. C) they do not take into account inflation. D) they fail to be of use in policy proposals and debates.
Because people's wants are unlimited but resources are scarce,
a. only the rich get everything they want b. choices must be made c. there will be more services produced than goods d. people search for spiritual fulfillment rather than material fulfillment e. poor people never get anything they want
?Money that is acceptable because the government requires that it be accepted in payment of debt is _____
a. legal tender
b. commodity money
c. bad money
d. backed by government's wealth
e. hoarded by the people
A tax imposed on imported goods is
A. A tariff. B. An example of fiscal policy. C. A quota. D. An embargo.