Which of the following is not a characteristic of less-developed countries?
a. High rates of illiteracy.
b. High unemployment.
c. Over half of the labor force in agriculture.
d. Low savings and investment rates.
e. Low infant mortality rates.
e
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According to this model, if the government uses a uniform standard
Suppose that two firms, X and Y, face the following abatement costs: MACX = 1.2AX, MACY = 0.3AY TACX = 0.6AX2 TACY = 0.15AY2 Further assume that the combined abatement standard is 40 units for both firms. a. firm Y would face a marginal abatement cost that is higher than that for firm Y b. that standard would achieve a cost-effective solution c. firm Y should do more of the abating and firm X should do less to move closer to a cost-effective solution d. firm X’s marginal abatement cost would be $48, and firm Y’s marginal abatement cost would be $12
The foreign exchange rate is the ________.
A. value of imports of the goods and services and the exports of goods and services in an economy B. amount of one nation's currency that can be purchased with a unit of another nation's currency C. real rate of interest on long-term government bonds in other nations D. rate at which money serves as a medium of exchange for goods and services that would typically be bartered
Which of the following decrease the deadweight loss from a rent ceiling set below the equilibrium rent? i. lowering the ceiling ii. dedicating more resources to enforcement of the ceiling iii. raising the ceiling
A) i only B) ii only C) iii only D) i and ii E) ii and iii
If Tom can wax a car in fewer hours than Jerry, then Tom definitely has
A) a comparative advantage in car waxing. B) an absolute advantage in car waxing. C) both a comparative and an absolute advantage in car waxing. D) neither a comparative nor an absolute advantage in car waxing. E) an undetermined advantage because we do not know how long it takes Tom and Jerry to wash a car.