Which of the following statements explains the vicious circle of poverty?
a. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty.
b. Poverty arises out of the lack of investment, but countries cannot invest because they are poor.
c. A nation can shift its production possibilities curve inward by shifting more resources into the production of capital goods.
d. A nation can shift its production possibilities curve outward by shifting more resources into the production of consumer goods.
e. There are dual economies in the world: Some are meant to be rich and others are meant to be poor.
b
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A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm's average total cost is $20. What is the firm's total cost?
A) $23 B) $150 C) $1,000 D) $1,150 E) $20
There are ________ voting members on the FOMC
A) 4 B) 7 C) 12 D) 15
A good which has social costs that exceed private costs has a price
A) equal to marginal social cost. B) that is too low. C) that is too high. D) that is inefficient because price exceeds marginal social cost.
If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly inelastic. d. unitary elastic.