The low-income countries in the world, many of them located in Africa and Asia, often have GDP per capita of less than __________ per year.
a. $30,000
b. $10,000
c. $5,000
d. $2,000
d. $2,000
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In imperfectly competitive markets, increasing production will decrease the price of all units sold. This concept is known as the
a. income effect. b. cost effect. c. output effect. d. price effect.
If government expenditures exceed tax receipts in a developing country, the government is most likely to:
A. increase taxes. B. cut spending. C. sell bonds to the central bank. D. buy bonds from the central bank.
Which of the following are examples of experimental economics?
A. computer experiments B. laboratory experiments C. field experiments D. natural experiments
If, with one unit of labor, the U.S. can produce 20 units of computer software and 10 units of computer hardware, and China can produce 4 units of software and 4 units of hardware, then
A. the United States has a comparative advantage in both goods. B. China has a comparative and absolute advantage in both goods. C. the United States has a comparative and absolute advantage in both goods. D. the United States has an absolute advantage in both goods.