Countries with the highest level of per-capita GNI tend to generate a large percentage of GDP from agriculture production.
Answer the following statement true (T) or false (F)
False
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The primary purpose of deposit insurance is to
A) improve the flow of information to investors. B) prevent banking panics. C) protect bank shareholders against losses. D) protect bank employees from unemployment.
The marginal revenue product can be expressed as the
A) additional revenue received from selling one more unit of product. B) increment to revenue received from one additional unit of input hired. C) marginal physical product of an input times the average revenue received from the sale of the product. D) average physical product of the input times the marginal revenue received from the sale of the final product.
If price elasticity is 3.25 then
A) for every one percent change in price, there will be a 3.25 percent change in quantity demanded. B) for every one percent change in price, there will be a 3.25 percent change in demand. C) for every one percent change in price, there will be a 32.5 percent change in quantity demanded. D) for every one percent change in price, there will be a .0325 percent change in quantity demanded.
Producers are willing to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of resources necessary to attract them from alternative uses b. they will decrease their profits by expanding production at higher prices c. the government orders them to do so d. lower prices attract new firms, which have higher costs of production e. they hire superior quality, higher-priced resources as production expands