More than 80 percent of the world's income is earned by what percentage of the world's population?
A. 5 percent
B. 10 percent
C. 20 percent
D. 40 percent
C. 20 percent
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Which term is used to describe equilibrium at a level of output above potential GDP?
a. Recessionary gap b. Inflationary gap c. Deflationary gap d. Keynesian gap
Which market is most likely to witness such actions and reactions as frequent new-product introductions, free samples, and aggressive advertising campaigns?
A. Oligopoly B. Perfect competition C. Monopoly D. Monopolistic competition
Owning a home is a good example of a transferable resource T or F
Indicate whether the statement is true or false.
Economic growth is defined as:
A) an increase in the level of consumption. B)an increase in either real GDP or real GDP per capita. C) an increase in the overall general price level. D) an increase in the nominal GDP.