An example of a quantity restriction is
A) the minimum wage.
B) an import quota.
C) rent controls.
D) price supports in agriculture.
B
Economics
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When poverty is defined by an absolute real income level, what will happen to the poverty rate if income per capita in a country continues to grow?
A) The poverty rate will increase forever. B) The poverty rate will eventually be zero. C) The poverty rate will increase and then decrease. D) The poverty rate will never change.
Economics
The substitution bias is believed to cause the consumer price index to:
a. overstate the true rate of inflation. b. understate the true rate of inflation. c. understate the true GDP deflator. d. none of these.
Economics