Describe in general terms four or five characteristics of less-developed countries
Less-developed countries have high populations and high birth and death rates, have low standards of living as measured by per capita GDP, and rely on technology and other needed inputs from the developed countries. More than half of their populations are engaged in agricultures where productivity is low. These countries make poor use of their labor and underemployment abounds. They have high illiteracy rates and a low percentage of their populations in school at any level. Life expectancy is low; people suffer from malnutrition and disease and have few health-care opportunities.
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What's the Easterlin Paradox -- and in what sense does it suggest reference-dependent preferences?
What will be an ideal response?
Public goods are
a. exclusive and rival goods b. exclusive and nonrival goods c. nonexclusive and nonrival goods d. nonexclusive and rival goods e. the same as merit goods
As national income increases:
a) The average propensity to consume falls and gets nearer in value to the marginal propensity to consume b) The average propensity to consume increases and diverges in value from the marginal propensity to consume c) The average propensity to consume stays constant d) The average propensity to consume always approaches infinity
Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the price index in 2015 is
A. 93.9. B. 94.2. C. 105.8. D. 106.1.