Refer to Table 22-7. Consider the statistics in the table above in describing the following industrialized and developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics combine industrialized countries with developing countries. The statistics in this table are not consistent with the predictions of the economic growth model. For example, Belgium, France, Canada and Denmark had much higher levels of real GDP per capita in 1960 than did Bangladesh, Honduras, and Bolivia. The economic growth model predicts that Belgium, France, Canada, and Denmark should have grown more slowly than Bangladesh, Honduras, and Bolivia. But the table shows that they grew much faster.
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Assuming all else equal, when the labor demand curve shifts to the left, ________
A) output falls B) unemployment falls C) inflation rises D) equilibrium wage rises
Checks ________ money and credit cards ________ money
A) are; are B) are not; are C) are; are not D) are not; are not
According to the theory of utility maximization,
a. people who buy tap water apparently feel the additional benefit (compared with bottled water) offsets the additional cost b. people who buy bottled water apparently feel the additional benefit (compared with tap water) offsets the additional cost c. the marginal utility of the last gallon of bottled water consumed exceeds the marginal utility of the first gallon of tap water consumed d. the marginal utility of bottled water exceeds the marginal utility of diamonds e. bottled water must be more expensive (per gallon) than tap water
A quota brings a more serious misallocation of resources than a tariff.
Answer the following statement true (T) or false (F)