Answer the following statements true (T) or false (F)
1. The World Bank is the organization to which DVCs turn as a "last-resort" lending agency for projects that private institutions will not fund.
2. One reason why foreign aid is viewed as harmful is that it promotes dependency.
3. One policy recommended by most economists for promoting economic growth in DVCs is the nationalization and protection of domestic industries.
4. One recommended policy that IACs could adopt to help DVCs is to recruit and hire skilled workers from DVCs for businesses in IACs.
5. One effective way that IACs can help DVCs is to lower trade barriers on products produced by DVCs.
1. T
2. T
3. F
4. F
5. T
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It is not sufficient for profit maximization that a production plan has all marginal revenue products equal to input prices -- because it must also be the case that the (marginal) technical rate of substitution is equal to the ratio of input prices (in absolute value).
Answer the following statement true (T) or false (F)
The goals of monetary policy tend to be interrelated. For example, when the Fed pursues the goal of ________, this helps to achieve the goal of ________
A) high employment; price stability B) interest rate stability; financial market stability C) rapid economic growth; low inflation D) interest rate stability; a balanced budget
If the price of a product increases, we would expect
A) the level of demand to decrease. B) quantity supplied to increase. C) the level of supply to increase. D) an increase in quantity demanded.
An income tax in which the average tax rate is the same for all taxpayers would be considered a
a. progressive tax. b. regressive tax. c. distortion-free tax. d. proportional tax.