An example of how economic growth might not lead to economic development is:
A. the average income in a nation increased with greater GDP growth.
B. when a nation's economy grew, the rate of malnutrition among children was relatively constant.
C. the rate of literacy increased among all groups when a nation's economy grew.
D. people had greater social mobility due to the growth experienced in the nation.
Answer: B
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An implicit cost is defined as:
A) the opportunity cost of using a resource that is not explicitly paid out by the firm. B) the difference between an input's explicit cost and its actual cost. C) the amount by which economic profit exceeds accounting profit. D) the amount by which the money spent on an input to production exceeds its opportunity cost.
If Country A's central bank wanted to increase the value of its currency, its overall balance would:
a. Become more negative. b. Become more positive. c. Not change. d. Change only if there were no offsetting changes in the net errors and omissions account.
Which of the following is a merit good?
A. Automobiles. B. Local telephone service. C. Electricity. D. Health care.
Which of the following occurs when the spending on final goods and services exceeds full-employment GDP?
A. Unemployment. B. Recessionary gap. C. Inflationary gap. D. Inventory accumulation.