What does the "brain drain" refer to and why is it a problem for developing countries?
What will be an ideal response?
The brain drain refers to the migration of skilled workers from one country to another. It is a problem for developing countries because skilled workers are more likely to migrate from countries with relatively low standards of living to countries that are wealthier.
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When the government increases its borrowing in the loanable funds market, the likely result is ________ loanable funds traded at a ________ interest rate.
A. fewer; higher. B. more; higher. C. more; lower. D. fewer; lower.
The marginal propensity to consume (mpc) is the:
A. percentage by which disposable income increases when consumption increases by 1 percent. B. amount by which disposable income increases when consumption increases by $1. C. percentage by which consumption increases when disposable income increases by 1 percent. D. amount by which consumption increases when disposable income increases by $1.
Refer to Figure 2.1. At point E, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
Economic profit is a key term in economics and is defined as total revenue
a. plus total cost b. minus marginal cost c. minus variable cost d. minus total cost e. minus fixed cost