If a country's income level is high:
A. it must have a high level of growth.
B. it usually has a high level of GDP per capita.
C. it must be well-endowed with natural resources.
D. All of these are true.
B. it usually has a high level of GDP per capita.
You might also like to view...
Which of the following statements is true?
A) Optimization in levels is based on behavioral analysis. B) Optimization in differences is based on marginal analysis. C) Optimization in differences is often faster than optimization in levels, as it considers all aspects of the feasible alternatives. D) Optimization in levels is often slower to implement than optimization in differences, as it considers only the aspects in which alternatives differ.
Which of the following is a characteristic of an oligopolistic market structure?
A) There are few dominant sellers. B) Each firm sells a unique product. C) It is easy for new firms to enter the industry. D) Each firm need not react to the actions of rivals.
Monopolies impose the largest deadweight loss in markets with elastic demands.
Answer the following statement true (T) or false (F)
The central idea behind comparative advantage is that a nation should:
A. Compare its market economy with other nations B. Specialize in the product that it can produce with the lowest opportunity cost C. Use money as a medium of exchange to facilitate specialization and trade D. Pursue investment in capital goods as a means of stimulating economic growth