Refer to Table 11-6. Consider the statistics in the table above in describing the developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for developing countries are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the highest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the lowest growth rates.
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Refer to the table above. If the world price of trousers is $5 per pair, then which of the following statements is true?
A) All the four countries will import trousers. B) All the four countries will export trousers. C) Country A and Country D will export trousers, whereas Country B and Country C will import trousers. D) Country B and Country C will export trousers, whereas Country A and Country D will import trousers.
Product differentiation allows a firm to charge a higher price because the residual demand curve facing the firm
A) is more elastic than the residual demand curve without product differentiation. B) is less elastic than the residual demand curve without product differentiation. C) is horizontal. D) shifts to the left.
Business-class airline tickets cost much more than coach-class tickets because, compared to householders, businesspeople's demand for travel is
a. equally elastic b. unitary elastic c. more elastic d. less elastic e. not a factor in the cost of airline tickets
Although water is very abundant in most places, it is scarce because:
A) it has no alternative uses. B) it has two or more alternative uses. C) it is a free good and not expensive. D) scarce goods in general are not all that costly.