Poverty is
A. an absolute, not a relative concept.
B. a relative concept, not an absolute.
C. both an absolute and a relative concept.
D. neither an absolute nor a relative concept.
C. both an absolute and a relative concept.
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In the 1980s, the federal government undertook a major build-up of the military sector, leading to reports that prices charged by military contractors were spiraling upward. According to production possibilities analysis, this result is not surprising due to:
A) the law of increasing opportunity cost. B) economic efficiency. C) technical efficiency. D) resource underutilization.
The absence of significant scale economies in 19th century agriculture outside the cotton South produced all of the following except
(a) More equal income distribution (b) Numerous family farms (c) The widespread need for schools (d) Large, corporate farms using the latest technology