The problem with using a basic needs measure of poverty is that
a. the median income changes
b. what we think of as basic needs now differs from what basic needs were 20 years ago
c. we don't know how to measure basic needs
d. basic needs is a relative concept of poverty
e. population changes
B
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Describe at least three ways that global capital markets are different today from what they were like in the late nineteenth century
What will be an ideal response?
Which of the following explains the relationship between price and the quantity supplied?
a. When expanding output, firms will incur greater total costs. b. As the price of a commodity falls, producers will find it more profitable to use higher-priced inputs in their production process. c. As a result of rising production costs, firms can increase profits by expanding output only if the price of output increases. d. To expand output, firms must hire more resources, which are always of poorer quality. e. Consumers want more at lower prices.