A reason why many of the third world countries are not achieving an increase in their standard of living is that they
A) don't have a strong central government.
B) don't have strong military power to force people to work harder.
C) don't have social institutions with a strong rule of law and economic freedom.
D) strongly encouraged international trade.
E) don't have enough natural resources.
C
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If the slope of the consumption schedule is 0.75, then the slope of the saving schedule is
A. 0.75. B. 1.25. C. 0.25. D. not possible to determine from the data.
The benevolent social planner is based on an actual 19th century economist named Karl Marx
Indicate whether the statement is true or false
Wichita is building a convention center and financing it with revenues raised from a city hotel tax. Local politicians assert that the convention center is essentially free for Wichita residents because out-of-town visitors are paying for it
Someone who is practicing the economic way of thinking would disagree because A) they believe that Wichita does not need a new convention center. B) there are other projects that could be undertaken with the tax funds. C) the convention center may not pass a marginal cost-benefit test. D) the hotel tax may lead to a decline in visits to Wichita. E) the hotel tax may reduce commercial property values in the area.
If the supply price of land is zero, including costs of transporting goods produced on the land to the market, then
a. positive rents are paid for the acres furthest from the market b. there are no rent-yielding acres c. the demand for land must be infinitely high d. population growth must be high e. landowners will reap higher rents