According to the text, Ethiopia probably has a low per capita real Gross Domestic Product (GDP) because
A) it has too many resources.
B) it has a corrupt government.
C) it has a low rate of saving.
D) there are too many skilled workers in the country.
C
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Refer to Table 4-7. If a minimum wage of $12.50 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 80,000 units of labor. C) shortage of 80,000 units of labor. D) surplus of 40,000 units of labor.
Banks will keep excess reserves when:
a. they do not foresee profitable opportunities to make loans b. business conditions generally are depressed c. they do not foresee opportunities to make secure loans d. All of the above are correct.
If the price of a product falls, that product becomes cheaper and people will want to purchase more of it in place of other goods. This statement best describes:
A) the income effect. B) the substitution effect. C) a complementary good. D) an inferior good.
How well fiscal policy works depends on how much the velocity of money can be changed by government tax and spending decisions.
Answer the following statement true (T) or false (F)