According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
If stricter immigration laws are imposed and many foreign workers in the United States are forced to go back to their home countries
A) we will move up along the long-run aggregate supply curve. B) we will move down along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
The dual approach to the consumer's problem is to choose:
A) the highest indifference curve that just touches the budget line. B) the least-cost budget line required to achieve a given level of utility (satisfaction). C) the maximum income required to achieve a given level of utility (satisfaction). D) all of the above
Which of the statements below is primarily normative in nature?
A. The inequality of income that exists in the United States is partly caused by an unequal distribution of wealth. B. There is an unequal distribution of income in the United States. C. The distribution of income is more unequal in the United States than it is in Japan. D. The distribution of income in the United States should be more equal than it is.