Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?
A) absolute poverty
B) relative poverty
C) both absolute and relative poverty
D) Neither absolute nor relative poverty can be eliminated.
Answer: B
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A monopolistic competitive firm in the long run sets price equal to the minimum point on the long-run average cost curve
a. True b. False Indicate whether the statement is true or false
Suppose that in a perfectly competitive market, the market supply of a good increases. As a result, the individual firm's:
a. supply curve would shift outward and the firm would increase output. b. supply curve would shift inward and the firm would decrease output. c. average-total-cost curve would shift upward and the firm would increase output. d. marginal-revenue curve would shift upward and the firm would increase output. e. marginal-revenue curve would shift downward and the firm would decrease output.