Name <> of the ten points of the Washington Consensus. What is missing from this list? Did the Santiago Consensus address what was missing?
What will be an ideal response?
Covered in detail in the chapter.
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The figure above shows the production possibilities frontier for a country. If the economy is operating at point B, then the opportunity cost of another million gallons of milk is
A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because after producing another million gallons of milk then zero gallons of ice cream are produced.
European countries (relative to the United States)
a. have a higher share of bank loans to GDP b. have a higher market capitalization c. have more IPOs d. rely on insider trading e. none of the above
An indifference curve
A) must slope downward towards the right. B) is positively sloped. C) is upsloping and is concave to the origin. D) may be upsloping or downsloping, depending on whether the two products are complements or substitutes.
When demand is inelastic
A) quantity demanded is very responsive to a change in price. B) quantity demanded is not very responsive to a change in price. C) the proportional change in quantity demanded is equal to the proportional change in price. D) producers react quickly to price changes.