According to data on GDP growth between 1980 and 2010,
a. poor nations stagnated, while the rich nations continued to grow.
b. poor nations grew rapidly, while the rich nations stagnated.
c. most of the world's rapidly growing countries were located in Africa.
d. many poor nations grew more rapidly than wealthy nations, while others continued to stagnate.
D
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A ______ percent increase in the price of a good results in a ______ percent increase in the quantity supplied. In this case, the price elasticity of supply is +2.
a. 12; 24 b. 12; 36 c. 10; 22 d. 10; 12
If crop dusting on your farm causes your neighbors to have sore throats, then crop dusting is creating
A) only explicit costs. B) opportunity costs. C) external costs. D) internal costs.
When interest rates in the bond market go up
A. the price of existing bonds goes up. B. there is no impact on the price of existing bonds. C. the price of stocks goes up. D. the price of existing bonds goes down.
Cole was discussing the market for cocoa beans with his friend John Schmidt. Cole said, "Ever since Venezuela announced that its cocoa harvest was its lowest ever in fifteen years, the price of cocoa beans has been rising and rising and people are buying
more and more. I think the demand for cocoa beans must be upward sloping." Is Cole right? Briefly explain why or why not. What will be an ideal response?