What is the function of the World Bank?
What will be an ideal response?
The World Bank is an international agency that lends money to individual countries for projects that promote economic development.
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Scarcity forces society to confront three critical issues. List those issues and explain how they are related to the problem of scarcity.
What will be an ideal response?
In the above figure, the curve that represents the most income inequality is
A. a. B. b. C. c. D. d.
A firm in monopolistic competition maximizes profit by producing the quantity at which
A) marginal revenue equals marginal cost. B) price equals marginal revenue. C) price equals marginal cost. D) demand equals marginal cost. E) price equals average total cost.
The marginal rate of technical substitution is
A) the rate at which a firm is able to institute positive technological changes to its production process. B) the rate at which a firm is able to increase its output by replacing labor with technology. C) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant. D) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.