Which of the following is true?
a. The United States is rich because it has democratic political institutions.
b. Economic growth is primarily the result of gains from trade, discovery of better ways of doing things, and capital investment.
c. Without foreign aid, poor countries are unable to break the cycle of poverty, low savings and investment, and economic stagnation.
d. Most all countries with an abundance of natural resources have been able to achieve rapid growth and high levels of per capita income.
B
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A perfectly competitive firm seeking to maximize its profits would want to maximize the difference between: a. its marginal revenue and its marginal cost
b. its total revenue and its total cost. c. its accounting revenue and its accounting cost. d. its price and its marginal cost.
Which of the following is NOT an important factor affecting economic growth?
A. the rate of growth of capital B. the growth of leisure C. the rate of growth in labor productivity D. the rate of saving
Bond coupon payments represent
A. interest on the amount borrowed. B. dividends paid to owners. C. payments to preferred shareholders. D. capital gains for tax purposes.
By committing to reduce one's options during a sequential game, a player can force a change in his opponents' strategy, and that commitment strategy results in a:
A. negative-negative outcome. B. cooperative equilibrium. C. payoff that would otherwise be out of reach. D. payoff that he likely would have gotten anyway.