Farming in poor countries is considered to be:
A. capital intensive.
B. labor intensive.
C. production intensive.
D. cost intensive.
B. labor intensive.
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Real interest rates are the
A) interest rates quoted in the market. B) interest rates quoted in the market plus the expected inflation rate. C) nominal interest rates plus the inflation rate. D) interest rates quoted in the market minus the inflation rate.
In the Edgeworth Box, we can set one price to 1 and only need to solve for the other price because only relative prices matter for individual choice when income is drawn from endowments.
Answer the following statement true (T) or false (F)
If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then the cross price elasticity of the quantity of product A with respect to price of product B is
A) 5. B) -5. C) 0.2. D) -0.2.
One of the main advantages of commodity money is:
a. It never loses value because it is valued in terms of fiat money. b. Actually, there are no real advantages of commodity money. c. It is backed 100% by the central bank guarantees. d. It tends to fall in value as inflation rises and to rise as inflation falls. e. It cannot be easily duplicated and therefore manipulated for political advantage.