What is the relationship between economic development and the political institutions of democracy?
What will be an ideal response?
This is not a settled question. Students can be expected to understand that the relationship is not simple or widely understood. But the question is ripe for student speculation.
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Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all combinations of the two goods in his indifference map
Suppose the price of apples is $2 per pound, the price of oranges is $3 per pound, and Bob's budget is $30 per week. What is Bob's utility maximizing choice between these two goods? A) 4 pounds of apples and 6 pounds of oranges B) 5 pounds of apples and 5 pounds of oranges C) 10 pounds of oranges and no apples D) 15 pounds of apples and no oranges E) none of the above
Use the following information to answer the next question. Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10% interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 each. Of the $75, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. What is the economic profit generated by Extreme Gaming in the first year?
A. $160,000 B. $280,000 C. $220,000 D. $155,000
What is the main cause of high inflation rates in middle and low income countries?
a. Citizens save most of their income lowering aggregate demand. b. Citizens spend most of their income pushing up prices. c. The government pays for its budget deficits by printing money. d. The government pays for its budget surplus by printing money.
Ticket scalping can increase total surplus in the market for tickets to sporting events
a. True b. False Indicate whether the statement is true or false