Explain what the four main categories of world economies are and give examples?
What will be an ideal response?
The four main categories of the world economies are categorized by annual per-capita income levels. Low-income economies which include India, Pakistan, and much of the sub-Saharan Africa. Lower middle income includes most Middle Eastern Countries, Latin American, Caribbean countries, the former Soviet countries and the most of the African countries. The upper middle income economies which are Latin American countries, Saudi Arabia, Malaysia, South Africa, Poland, Hungary, Czech and the Slovak Republic. The last category is the high-income economies such as Korea, Israel, Kuwait, Singapore and the United states.
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Which of the following is not a common mistake made by consumers?
A) the failure to ignore sunk costs B) being overly pessimistic about their future behavior C) the failure to take into account the implicit costs of an activity D) being overly optimistic about their future behavior
The largest trading of foreign exchange occurs in
A) New York. B) London. C) Tokyo. D) Frankfurt. E) Singapore.
The Supreme Court has defined the offense of monopolization to
A) be when only one firm exists in an industry. B) occur when asymmetric information exists. C) include the possession of monopoly power and the willful maintenance of that power. D) be unfair acts in the practice of commerce.
The average number of times per year that a dollar bill is used to pay for final goods and services is the:
A. Monetary rule B. Velocity of money C. Asset demand for money D. Transactions demand for money