Which of the following is not a characteristic of most less-developed countries?
a. Inadequate human capital
b. High population growth rate
c. Inadequate capital goods
d. High productivity
e. Inadequate water supplies
d
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A policy maker who is concerned with the rate of inflation may not choose to reduce it because ________.
A. the government can only affect unemployment, not the rate of inflation B. reducing the rate of inflation means that the unemployment rate will increase C. reducing the rate of inflation means reducing taxes D. reducing the rate of inflation requires an increase in government spending
The price elasticity of supply of laptop computers equals 1.5 if
A) a rightward shift of the demand curve for laptops causes the quantity supplied to increase by 1.5 percent. B) a rightward shift of the demand curve for laptops causes a 1.5 percent increase in their price. C) for every 1 percent that laptop prices increase, computer makers produce another 1.5 percent laptops. D) for every $1.00 that laptops increase in price, computer makers produce another 150 laptops.
A perfectly elastic supply curve
a. has no relevance, since real-world supply curves are never perfectly elastic b. is a horizontal straight line c. is a vertical straight line d. is an upward-sloping straight line e. is not a straight line