To an economist, the term "needs"
A) refers only to material desires but not nonmaterial desires.
B) is objectively undefinable.
C) identifies the purchases of basic goods and services.
D) refers to the purchase of goods by the poor.
Answer: B
Economics
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The best measure of a country's living standard is______
a. real gdp per capita b. average annual investments c. CPI-based inflation rates d. the minimum wage
Economics
The above figure shows the Lorenz curve for wealth for the nation of Rusha. What percent of wealth is owned by the poorest quintile?
A) 0 percent B) 5 percent C) 20 percent D) 35 percent
Economics