A good generalization about developing countries is
a. savings rates are low
b. investment rates are low
c. exports are mostly food and raw materials
d. population growth rates are high
e. none of the above
E
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Computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases
How do these changes affect the price and quantity of computer software?
Matt's real wage in 2014 is $26.80. If the price level is 104, what is Matt's nominal wage?
A) $30.80 B) $27.87 C) $26.80 D) $25.77
A backward-bending labor supply curve implies that
A) the substitution effect dominates the income effect at higher wage rates but not at lower wage rates. B) the substitution effect dominates the income effect at lower wage rates but not at higher wage rates. C) leisure is an inferior good. D) workers are irrational.
The industry demand curve for labor is the
A) horizontal sum of individual firm labor demand curves. B) vertical sum of individual firm demand curves. C) representative firm's demand curve multiplied by the number of firms. D) none of the above