Which of the following explains the vicious circle of poverty?
a. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty.
b. Poverty arises out of the lack of investment, but they cannot invest because they are poor.
c. A nation can shift its production possibilities curve inward by shifting more resources into the production of capital goods.
d. A nation can shift its production possibilities curve outward by shifting more resources into the production of consumer goods.
b
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Uni-Go Company makes motorized unicycles. Uni-Go is deciding whether to include a safety feature that would cost $6 for each unicycle
Uni-Go estimates the probability of death without the safety feature is 1/90,000 and the death cost per unicycle is $5.55. Uni-Go's cost-benefit recommendation is to A) add the safety device. B) not add the safety device. C) add the safety device plus additional safety devices. D) not produce the unicycle.
In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is
A) zero. B) $20 per unit. C) $50 per unit. D) $70 per unit.
Which of the following is correct when a price floor is set above the equilibrium price?
a. quantity supplied is less than quantity demanded at the set price b. quantity supplied is equal to quantity demanded at the set price c. at the set price there will be a shortage d. The market price is greater than the price floor e. quantity supplied exceeds quantity demanded at the set price
If a society were to use a widely accepted, easily measurable, but highly perishable food product as commodity money, then the ________ function of money would most likely fail
a. medium of exchange b. unit of account c. store of value d. transfer of value