If a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?
Have a mechanism capable of attracting savings and channeling them into wealth-creating projects (efficient capital market.)
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"The plan to create private accounts in Social Security will reduce benefits for some workers," is an example of a ________ statement, while "Social Security will be better if the private accounts are allowed" is an example of a ________ statement.
A. structural policy; fiscal policy B. normative; positive C. positive; normative D. monetary policy; fiscal policy
If an economic agent's returns to entrepreneurship is greater than his opportunity cost of entrepreneurship:
A) he will always make losses if he chooses to be an entrepreneur. B) he will most likely not choose to be an entrepreneur. C) he will always make profits if he chooses to be an entrepreneur. D) he will most likely choose to be an entrepreneur.
A Big Mac costs $4.00 in Canada and 9.00 reals in Brazil. If the exchange rate is 2 reals per dollar, what is the dollar cost of a Big Mac in Brazil?
A) $0.89 B) $2.25 C) $4.50 D) $8.00
Which of the following statements about the minimum wage is true?
A. The minimum wage has not had any impact on income inequality. B. Due to minimum wage increases, income inequality is now lower than it was in the mid-20th century. C. The minimum wage tends to create inflation, which benefits the wealthy more than the poor. D. Adjusting for inflation, the real minimum wage has fallen in the last 40 years.