Relative poverty refers to
A) how a family's income compares to the incomes of those around them.
B) poverty levels at a stated income cutoff.
C) the number of poor in one state relative to another.
D) none of the above.
A
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Three-wheel cars made in North Edsel are sold for 5000 pounds. Four-wheel cars made in South Edsel are sold for 10,000 marks. The nominal exchange rate between the two countries is three marks per pound
The real exchange rate between the two countries is A) 0.50 three-wheel cars per four-wheel car. B) 0.66 three-wheel cars per four-wheel car. C) 1.50 three-wheel cars per four-wheel car. D) 2.00 three-wheel cars per four-wheel car.
Answer the following statements true (T) or false (F)
1. The fundamental economic question regarding the distribution of output in the economy is equivalent to the question of who will produce the output. 2. The concept of consumer sovereignty refers to the situation where consumers have the right to vote for the board of directors of large corporations. 3. In analyzing a market system, economists often assume that firms will choose the production techniques that will give them the maximum revenues. 4. Economic efficiency entails producing a certain output with the minimum number of units of inputs.