Most less-developed countries have sufficient infrastructure in place to become a developed country
Indicate whether the statement is true or false
F
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An increase in the government budget deficit will not lead to a current account deficit if domestic investment declines
Indicate whether the statement is true or false
The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. B) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. C) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines. D) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information.
If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital in dollars?
A) .5 B) 1 C) 2 D) 10
In a monopolistically competitive market, the equilibrium price is $21, and each identical firm has a fixed cost of $40 and a constant marginal cost of $1. What is the output level of each producer?
A) q = 1 B) q = 2 C) q = 2.9 D) q = 21