Which of the following statements is true?
a. A less developed country (LDC) is a country with a low GDP per capita, low levels of capital, and uneducated workers.
b. The vicious circle of poverty exists because GDP must rise before people can save and invest.
c. LDCs are characterized by rapid population growth and low levels of investment in human capital.
d. All of these.
b
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How is a compensated demand curve different from an ordinary demand curve? Why must the law of demand always hold for one while it may be violated for the other?
What will be an ideal response?
Contractionary fiscal policy will most likely
A) involve increasing government spending. B) reduce the price level. C) involve cutting taxes. D) raise real GDP.
New York City limits the number of taxi cabs that can legally operate in the city. The most likely result of this practice is that
a. cab fares will be lower. b. cab fares will be higher. c. the cost of operating a taxicab will be lower. d. subway fares will decrease.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.