Explain the difference between poverty in the United States and poverty in the rest of the world.
What will be an ideal response?
Poverty in the United States is about relative deprivation, meaning that poor people have much less than the average American. However, the U.S. poor are much better off than the poor in other countries, where poverty is about absolute deprivation. In addition, compared to global poverty, poverty in the United States is less permanent.
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If business inventories decrease below desired levels, then it is most likely that a
A. Higher price level will occur. B. Lower level of output will occur. C. Recessionary gap will occur. D. Higher level of unemployment will result.
A cartel is
A. a group of firms promoting competition. B. most common in monopolistic competition. C. a collusive group of firms. D. no longer possible in our global economy.