Alex Believes That People Who Are Poor Are Lazy and Do

question 73

Multiple Choice

Alex believes that people who are poor are lazy and do not want to work. He argues that anyone can be rich if they simply work hard enough. What concept reflects the argument he is making?

• A) singularity
• B) equal opportunity
• C) individualism
• D) meritocracy

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Definitions:

Nominal Interest Rate

The rate of interest before adjusting for inflation, representing the face value of interest payments.

Inflation

The speed at which the overall price level for goods and services increases, causing a decline in the value of money.

Deflation

A decrease in the general price level of goods and services in an economy over a period of time.

Cyclical Unemployment Rate

The component of overall unemployment that corresponds to the cyclical conditions of an economy, fluctuating with the business cycle.