All of the following are characteristics of less-developed countries except
a. a high birth rate
b. low population growth
c. dependence on natural resource exports
d. increasing GDP per capita
e. inadequate infrastructure
B
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Behavioral economics deals with
A) the assumption that people are always selfish. B) bounded rationality. C) unbounded willpower. D) only theories without justification from empirical evidence.
Which of the following would not limit the extent of a firm's vertical integration?
a. the managers' bounded rationality b. a large minimum efficient scale of producing inputs relative to the firm's input requirements c. the fact that the quality of inputs is easily determined at the time of purchase d. many interchangeable suppliers of the firm's inputs e. high transaction costs of contracting with resource suppliers
A Commodity X will be considered as a normal good if:
a. the quantity of the good consumed decreases with an increase in income. b. the quantity of the good consumed increases with an increase in income. c. the quantity of the good consumed increases in the same proportion as the increase in income. d. the quantity of the good consumed reflects no change with a change in income.
It is costly to hold money because
A. deflation may reduce its purchasing power. B. in doing so one sacrifices interest income. C. bond prices are highly variable. D. the velocity of money may decline.