Which of the following are not reasons for the low productivity in developing countries?
a. Few natural resources
b. Developed capital infrastructure
c. Poor financial system
d. Inefficient use of labor
b
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A firm that exists as a separate legal being is
a. a sole proprietorship b. a corporation c. a partnership d. likely to be a small, family-run business e. still dependent on its owners in many ways
In events leading to the housing bubble, the credit-rating agencies rated the assets associated with the housing market proper:
A. AAA ratings indicating low risk, and turned out to be too optimistic. B. AAA ratings indicating low risk, but turned out to be a right judgment. C. mid-level ratings indicating moderate risk, but were ignored. D. mid-level ratings indicating moderate risk, and turned out to be too pessimistic.
John is ready to pay $5 for an extra loaf of bread. Due to an ongoing discount in the store, he gets a loaf for $2. John's consumer surplus from the purchase is ________
A) $2 B) $2.50 C) $3 D) $10
Comment on the following statement: "When there are no externalities present, the level of output for a private good produced by a perfectly competitive firm is efficient."
What will be an ideal response?