Developing nations
a. often lack the natural resources, skilled labor, or capital to improve their standards of living.
b. typically do not need outside help.
c. generally experience productivity increases greater than their population growth rates.
d. should not accept long-term aid in the form of technical assistance and capital.
a. often lack the natural resources, skilled labor, or capital to improve their standards of living.
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The payments to the factors of production are:
A) wages. B) rent. C) rent and interest. D) wages, rent, interest, and profits.
A perfectly competitive firm with a random demand has a ________ demand curve and ________ marginal revenue curve.
A) horizontal; horizontal B) vertical; horizontal C) vertical; vertical D) horizontal; vertical
A profit-maximizing monopolist will stop production while MR is still greater than MC
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 28.3 below to answer the question(s) that follow.
Figure 28.3Refer to Figure 28.3. A minimum wage of $12
A. will lead to unemployment of 10. B. will lead to unemployment of 20. C. will lead to unemployment of 40. D. will have no effect because the minimum wage is set above the equilibrium wage and for a minimum wage to have any effect on the labor market it must be below the equilibrium wage.