Which of the following statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day.
B. U.S. GDP per capita is five times larger than the world average.
C. The poorest nations of the world have average incomes of $5,000.
D. According to world standards, 12 percent of Americans are poor.
Answer: B
Economics
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The wheat growing industry consists of very many farmers producing identical products. The market structure that best fits the wheat growing industry is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Economics
If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
Economics