If makers of snake anti-venom implement significant price increases, it is unlikely to significantly affect the use of anti-venom for treating poisonous snakebites. The demand for anti-venom is:
a. elastic
b. inelastic.
c. unit elastic.
d. unit inelastic.
b
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According to Adam Smith, a well-governed society's wealth is positively related to
A) the division of demand. B) the division of labor. C) the degree to which society can eliminate scarcity. D) the degree to which society can encourage and promote greed.
If the Gini coefficient for Cartland is 1, it means that income distribution is perfectly equal in this society
Indicate whether the statement is true or false
Refer to Figure 14.2. Other things equal, an increase in the expected price of an important natural resource would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point A to point C.
If a poor country is going to grow rapidly and achieve a high level of per capita income, which of the following is most important?
a. abundant natural resources b. substantial aid from rich countries c. central planning and a high level of government expenditures d. institutions and policies that encourage productive activities