Which of the following is true concerning the growth record of less developed countries (LDCs) during the last several decades?
a. The per capita GDP of several poverty stricken African countries was lower in 2009 than in 1980.
b. None of the LDCs have been able to match the per capita income growth rate of the United States.
c. During the last two decades, the fastest growing countries in the world (those with annual real growth rates of 3.5 percent or more) have been LDCs.
d. Both a and c are correct.
e. All of the above are correct.
D
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What will be an ideal response?
When a firm has monopoly power, it
A) hires fewer workers because its marginal revenue lies below the demand curve. B) hires more workers because its marginal revenue lies below the demand curve. C) hires fewer workers because its marginal revenue lies above the demand curve. D) hires more workers because its marginal revenue lies above the demand curve.
The primary functions of money are:
A. velocity, liquidity, and transactions. B. speculative demand, measure of value, and precautionary demand. C. a medium of exchange, a unit of account, and a store of value. D. a store of value, heterogeneity, and a medium of exchange.
A reduction in the minimum wage will tend to cause which of the following?
A. a reduction in poverty B. a reduction in the quantity demanded of labor C. an increase in the number of workers employed D. an increase in the quantity supplied of labor