All of the following are listed in the text as being keys to economic development EXCEPT
A. a higher rate of population growth.
B. an open economy.
C. an educated population.
D. a system of property rights.
Answer: A
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In the above table, the price of the product is
A) $30. B) $147. C) $150. D) $180.
When a firm produces 1000 widgets with total cost of $2000 and fixed cost of $1000, what is the average variable cost?
A) $2 B) $1 C) $0.50 D) $0.20
The existence of network externalities implies that: a. the value of a network falls as the number of members rises. b. the opportunity cost of switching networks is higher for larger networks. c. smaller networks are more successful than larger ones
d. newer networks are more likely to become locked in. e. only the most efficient and superior technology prevails in the market.
The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________
Fill in the blank(s) with correct word