Haiti has a lower literacy rate (the percentage of those over 15 who can read and write) compared to other Latin American and Caribbean countries. Where does this low literacy rate fit into the factors that explain the wealth of nations?
A. It indicates that Haiti is short on human capital.
B. It shows that it lacks entrepreneurship.
C. It shows a lack of natural resources.
D. It indicates that Haiti is short of physical capital.
Answer: A
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Induced expenditure includes
A) consumption expenditure, government expenditure on goods and services, and imports. B) investment, consumption expenditures, and exports. C) consumption expenditure and exports. D) consumption expenditure and government expenditure on goods and services. E) consumption expenditure and imports.
Some researchers argue that the overall standard of living increased during the 1920s. In general, holding constant all other factors that might impact it, economists are careful about connecting an increase in the standard of living to
(a) increases in the amount of labor used in production processes. (b) new inventions being made in research laboratories. (c) increases in the output of goods and services per worker. (d) the discovery of new sources of gold and silver.
One of the weaknesses in pursuing the objective of profit maximization is that it ignores
A) the timing of cash flows. B) the time-value of money concept. C) the riskiness of cash flows. D) All of the above
List and briefly describe the four types of negative impacts from pollution.
What will be an ideal response?