Which of the following factors are considered by economists who study economic development to be directly related to the rate of economic growth?
A. an educated population
B. openness to international trade
C. plentiful natural resources
D. All of these are correct.
Answer: D
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When NAFTA was approved, Congress attempted to soften the losses suffered by some industries by
A) creating new jobs to hire workers who lost their jobs because of NAFTA. B) setting aside funds to support and retrain workers who lost their jobs because of NAFTA. C) reducing tariffs. D) imposing quotas.
Suppose Cournot duopolists firms face the same market demand curve, but have differing costs. At the Nash-Cournot equilibrium, the firm with the lower cost will
A) have a lower price for its product than its competitor. B) produce a smaller output than its competitor. C) have a higher price for its product than its competitor. D) produce a larger output than its competitor.
An opportunity cost that occurs because of increased government spending is
A. Congressional disagreements. B. An increase in private sector investment. C. The crowding out of private sector output. D. The crowding in of public sector investment.
If, for the last bushel of apples produced and sold by an apple farm, marginal revenue exceeds marginal cost, then in producing that bushel the farm
A) added more to total cost than it added to total revenue. B) added an equal amount to both total revenue and total cost. C) added more to total revenue than it added to total cost. D) maximized its profits or minimized its losses.