Which of the following statements regarding black markets is true?
a. The reliability of products sold in black markets is generally higher than the reliability of products sold in legal markets.
b. The prices of goods in black markets are generally lower than the prices of similar products in legal markets.
c. The laws of supply and demand do not affect the prices of goods exchanged in black markets.
d. The rate of violence is higher in black markets than in legal markets.
D
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According to convergence theory, countries that start out poor should initially grow:
A. faster than ones that start out rich, but will eventually slow to the same growth rate. B. slower than ones that start out rich, but will eventually grow to the same growth rate. C. faster than ones that start out rich, and will eventually surpass their level of income. D. slower than ones that start out rich, and therefore will never reach a similar growth rate.
Neoclassical growth theory emphasized how __________ contribute to growth
A) the resources labor and capital B) technological changes C) government policies D) factors limiting population growth
If depreciation equals zero and retained earnings equal $25 billion, then
A. GNP equals net national product. B. net national product is less than GNP by $25 billion. C. GNP is less than net national product by $25 billion. D. GNP is greater than GDP by $25 billion.
A company has an investment project that will cost $2 million today and yield a payoff of $3 million in 5 years. If the interest rate is 7%, should the firm undertake the project? Show evidence to support your answer