According to the text, is there any relationship between bureaucratic inefficiency and economic growth?
A. No. Some nations' economies grow rapidly despite their inefficient governments while others collapse with inefficient governments.
B. Yes, bureaucratic inefficiency and economic growth are inversely related.
C. Yes, but only in the most economically developed nations.
D. Yes, bureaucratic inefficiency and economic growth are positively related.
Answer: B
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Opportunity cost can best be defined as the
A. money cost of a good or service. B. money cost plus interest on money borrowed to buy a good or service. C. cost of the resources used to produce a good or service. D. value of the best alternative forgone when the alternative at hand is chosen.
How does the income approach measure GDP?
What will be an ideal response?
Look again at the figure The Market for Sandwiches. How much total surplus would be lost if there were a quota of only eight sandwiches that could be legally exchanged at a price of $5?
A) $3
B) $72
C) $27
D) $32
When two goods are substitutes, their cross price elasticity of demand
A) infinity. B) 0. C) negative. D) positive.