Economic takeoff:
A. occurs when development becomes self-sustaining.
B. will eventually occur in all developing countries.
C. typically occurs in the absence of foreign investment.
D. has yet to occur in any developing country.
Answer: A
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Refer to Table 6-5. Katie Graham owns a kayak rental service in Santa Barbara. Table 6.5 shows her estimated demand schedule for kayak rentals per week. She would like to increase her sales revenue by changing the price she charges for rentals
At present she charges $75. Based on the information in the table, Katie A) should raise her price to $80 to increase her revenue because the demand for kayak rentals is price inelastic. B) should raise her price to earn the most revenue. C) should lower her price to $60 to increase her revenue because the demand for kayak rentals is price elastic. D) is not able to increase her revenue by changing her price because the demand for kayak rentals is unit elastic.
Which of the following is most appropriately measured along one axis of the production possibilities frontier diagram?
a. the quantity of a produced good b. the price of a produced good c. the quantity of natural resources d. the state of technology e. society's welfare and satisfaction
The long-run opportunity cost of government spending crowding out private investment: a. equals about 10 percent of GDP
b. lowers interest rates and results in lower interest income for U.S. resource owners. c. would be greater if the government's expenditures were invested in building better highways and a more educated workforce. d. results from the corresponding contractionary gap. e. would be greater if the government's expenditures were devoted to increasing retirement benefits rather than to educating the work force.
Consumer sovereignty means that consumers vote with their dollars in a market economy, which helps determine what is produced
a. True b. False Indicate whether the statement is true or false