The false paradigm model attributes lack of development to
a. inadequate attention to price incentives.
b. inappropriate advice from rich country economists.
c. low levels of savings and investment.
d. a lack of government regulation.
B
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Brand name products tend to have demand curves that are relatively more inelastic because
A) brand name products tend to have more substitutes. B) brand name products tend to have fewer substitutes. C) consumers are very sensitive to the prices of brand names. D) brand names are not valued.
Scarcity arises because of
a. international trade disputes b. our unwillingness to share earth's bounty c. insatiable wants d. limited natural resources e. primitive technology
The North Korean economy is currently classified as:
A) a mixed economy. B) market capitalism. C) command socialism. D) the same kind of economy as Sweden.
The formula for the elasticity of supply is
A. The percentage change in price divided by the percentage change in quantity supplied. B. The percentage change in quantity supplied divided by the percentage change in income. C. The percentage change in price divided by the percentage change in quantity demanded. D. The percentage change in quantity supplied divided by the percentage change in price.