Some years ago, the World Bank surveyed the ways in which countries encouraged or discouraged market activity. Its conclusion was:
a. when poor people are allowed access to the institutinos richer people enjoy, they are ill equipped to take advantage of those benefits
b. when poor people are allowed access to the institutions richer people enjoy, they can thrive and help themselves
c. that there was no measurable difference between the countries that actively encouraged market activity from those that discouraged it.
d. without the proper resources, encouraging market activity had no effect
b
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Suppose the current account of a country is in balance and the official settlements account equals 0. A new transaction occurs so that the current account is now in surplus, but the official settlements account does not change
From this we know that A) the balance of trade is now in surplus. B) the government is running a budget deficit. C) the capital and financial account is now in deficit. D) the government must make official reserve transactions.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold. B) No cars will be sold. C) Only lemons will be sold. D) Ten percent of the used cars sold will be lemons.
Consumer surplus increases when the market price of a commodity declines
Indicate whether the statement is true or false
The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?
A. $10.5 trillion B. $9.5 trillion C. $9.0 trillion D. $10.0 trillion