According to the World Bank, the high-income oil-exporting nations like Libya, Saudi Arabia, Kuwait, and the United Arab Emirates:
a. are considered to be still-developing countries.
b. are the major trade partners of the U.S.
c. are considered as underdeveloped economies.
d. have highly interdependent economies.
e. are considered highly-developed countries.
a
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An example of a lump-sum tax is a(n):
A. income tax. B. property tax. C. sales tax. D. head tax.
Mortgage-backed securities are:
A. tradable assets made up of packages of individual mortgages. B. investments that people bought based on the equity of their homes. C. assets that were purchased based on the leveraged value of people's homes. D. securities that are often purchased by homeowners.
If an economy operates at a point within its production possibilities curve,
a. it lacks the resources necessary to reach the curve. b. it is utilizing all of its resources efficiently. c. it does not confront the problem of scarce goods relative to unlimited wants. d. it is not efficiently using all of its resources.
Isoelastic demand means that:
A. the elasticity of demand is equal to -1. B. demand is completely unresponsive to price. C. the elasticity is demand is infinite. D. the demand function has the same elasticity at every price.