Which of the following is a barrier to economic growth in low-income countries?
a. A shortage of labor
b. A declining population
c. Lack of investment in research and development
d. Lack of natural resources
e. An increasing amount of savings
c
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The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
Which of the following explains why higher prices in the goods and services market measured by the CPI leads to an upward-sloping aggregate supply curve? a. The higher prices will temporarily improve profit margins because the cost of wages and salaries are fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate
additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.
If the price of a product falls, that product becomes cheaper and people will want to purchase more of it in place of other goods. This statement best describes:
A) the income effect. B) the substitution effect. C) a complementary good. D) an inferior good.
If velocity is a constant, then the equation of exchange is an economic model.
Answer the following statement true (T) or false (F)