U.S. poverty is more about ________ deprivation than ________ deprivation.
A. relative; absolute
B. insignificant; relative
C. absolute; significant
D. meaningful; mild
Answer: A
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A decrease in money supply causes the real interest rate to ________ and the price level to ________ in general equilibrium
A) rise; rise B) remain unchanged; fall C) remain unchanged; rise D) fall; fall
Which of the following statements is TRUE about scarcity?
A) Both rich and poor people face the problem of scarcity. B) Scarcity exists only when supply is insufficient to meet demand. C) Scarcity exists only when a shortage exists. D) Scarcity can be eliminated when a country becomes richer.
Scarcity exists in society because there are:
(a) Insufficient levels of government involvement in reallocating income. (b) A large number of self interested people. (c) Limited wants relative to abundant resources. (d) Unlimited wants in the face of limited global resources.
Refer to the figure below. The socially optimal quantity in this market could be achieved by imposing a ________ equal to the vertical distance ________.
A. tax; LM B. subsidy; LM C. tax; LN D. subsidy; LN