Which of the following is not a problem for less-developed countries?
a. political stability
b. shortages of unskilled labor
c. high GDP per capita
d. low levels of investment in capital goods
e. adequate infrastructure
B
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A change in the interest rate will generally affect the
A) level of investment. B) level of consumption. C) the amount of money people want to hold. D) All of these.
An increase in the expected price level lead to
a. higher money wages and lower real wages. b. higher money wages and real wages. c. no change in money wages but lower real wages. d. lower money wages and higher real wages.
If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7
An efficient distribution of goods requires that
a. everyone gets an equal share of each good. b. marginal cost equal marginal utility for the last unit produced. c. each person derives the same total utility from the good. d. since tastes differ, every person pays a different price in accordance with different marginal utilities.