Which of the following is not correct?
a. Across countries there are large differences in the average income per person. These differences are reflected in large differences in the quality of life.
b. With a growth rate of about 2 percent per year, average income per person doubles about every 60 years.
c. The ranking of countries by average income changes substantially over time.
d. In some countries real income per person has changed very little over many years.
b
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A competitive market is one:
A) that operates with little or no government control. B) where almost all exchanges take place involuntarily. C) that has price controls imposed by a ruling authority. D) where determination of equilibrium quantity need not rely on the forces of demand and supply.
In general in the real world labor market the:
A. price effect usually dominates, and thus we assume a downward sloping supply curve. B. income effect usually dominates, and thus we assume an upward sloping supply curve. C. income effect usually dominates, and thus we assume a downward sloping supply curve. D. price effect usually dominates, and thus we assume an upward sloping supply curve.
Which of the following is included in both the balance of trade and the balance of payments?
A) exports B) earnings on domestic assets owned by foreign residents C) international capital movements D) earnings by domestic residents on assets located abroad
Monopolistically competitive firms want to behave like a cartel, choosing a rate of output that maximizes total profit for all of the firms in the market.
Answer the following statement true (T) or false (F)