Nations typified by high rates of illiteracy, high unemployment, high fertility rates, and exports of primary products are known as ________
a. developed countries
b. high-income countries
c. industrial market countries
d. developing countries
d
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Refer to Figure 6.1. Suppose the economy is originally in steady state at k*1. If the saving rate increases from s1 to s2, the capital-labor ratio will begin to ________, and real GDP per worker will ________
A) rise; rise B) rise, fall C) fall, fall D) fall; rise
The addition to revenue obtained from firing an additional unit of labor is
A) total product. B) marginal revenue product. C) marginal factor cost. D) marginal physical product of labor.
If the money supply is $20,000, velocity is 3, and Real GDP is 5,000 units of output, then the price level is _____________. If the money supply doubled over a short time period to $40,000, the simple quantity theory of money would predict that _____________________.
A. $12; the price level would double B. $6; Real GDP would double C. $12; the price level would be cut in half D. $6; the price level would double
If pizza used to be produced in a perfectly competitive market, and now the pizza market has become a monopoly, we can expect:
A. less pizza to be sold at a higher price. B. more pizza to be sold at a higher price. C. less pizza to be sold at a lower price. D. more pizza to be sold at a lower price.