Development experts are less enthusiastic than they used to be about three decades ago about the positive role of DVC governments in promoting economic growth in their less developed nations because of the:
A. Corruption in government
B. Availability of foreign aid
C. Need for a greater tax collection
D. Need for more public capital goods
A. Corruption in government
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The justification for occupational licensing laws is that they protect the public from incompetent practitioners (for example, lawyers and medical doctors), but the laws also result in
A) ownership of a key input. B) higher prices and restrictions on the number of people who can enter the professions affected by the laws. C) an increase in the amount of output required to achieve minimum efficient scale. D) economies of scale.
Following the downgrade of U.S. debt by Standard & Poor's in August, 2011:
A) other rating agencies also downgraded U.S. debt B) interest rates spiked as investor's perception of risk increased C) investors didn't seem to be any more concerned about default risk than before the downgrade D) the U.S. implemented a plan to significantly reduce its budget deficit later that year
If the government imposes a price floor that is higher than the market clearing price, then
A) consumer surplus will increase while producer surplus will decrease. B) consumer surplus will decrease while producer surplus will increase. C) both consumer surplus and producer surplus will decrease. D) both consumer surplus and producer surplus will increase.
With which of the following responses would the Census Bureau declare the person unemployed?
a. "I am currently working full-time but my employer is going to lay me off tomorrow." b. "I am currently working part-time but I would like to work full-time." c. "I was working at two different jobs, I lost my primary job a few weeks ago, and I am searching for a new job." d. "I would love a job but I am not looking for one because I have no chance of finding one." e. "I just turned 16 and I am looking for a job."