On which of the following does the neoclassical counter-revolution school most blame underdevelopment?
a. misguided government policies
b. relatively rigid cultural traditions
c. the legacy of colonialism
d. unfair trade practices on the part of developed countries
A
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If Croatian firms can make 600 pitchforks or 100 hammers in a week and Slovenian firms can make 200 pitchforks or 200 hammers in a week, then
A) the costs of production differ in each country. B) the Croats have an incentive to specialize in hammers. C) the Slovenes have an incentive to specialize in pitchforks. D) all of the above are true.
The marginal product of a variable input is calculated by dividing total product by the change in the variable input
Indicate whether the statement is true or false
The real business cycle model best explains the procyclicality of the nominal money supply by
A) an unpredictable Federal Reserve. B) exogenous money. C) endogenous money. D) uncorrelated money.
The nominal interest rate is the sum of the
a. real interest rate and the historic rate of inflation. b. real interest rate and the expected rate of inflation. c. historic rate of inflation and the expected rate of inflation. d. expected rate of inflation and the rate of price level increase.