Which of the following is true?
a. Decision making should never be centralized
b. If you decide to centralize the decision making authority, figure out a way to keep information hidden from it
c. If you decide to centralize the decision making authority, figure out a way to transfer information to the third party
d. If you decide to centralize the decision making authority, figure out a way to transfer information to the decision maker
d
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In any year, real GDP
A) must always be less than potential GDP. B) might be greater or less than potential GDP. C) will always be greater than potential GDP because of the tendency of nations to incur inflation. D) always equals potential GDP.
Between 1880 and 1980, which region had the highest per capita income?
a. Pacific. b. Midwest. c. New England. d. South Atlantic.
Consider two points on the PPF: point A, at which there are 10 apples and 20 pears, and point B, at which there are 7 apples and 21 pears. If the economy is currently at point A, the opportunity cost of moving to point B is
A) 1 pear. B) 7 apples. C) 3 apples. D) 21 pears.
Which of the following statements explains the vicious circle of poverty?
A. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty. B. Poverty arises out of the lack of investment, but countries cannot invest because they are poor. C. A nation can shift its production possibilities curve inward by shifting more resources into the production of capital goods. D. A nation can shift its production possibilities curve outward by shifting more resources into the production of consumer goods.