The levels of national income per capita among developing countries (DVCs) are:
A. All within a narrow range
B. Widely varied
C. All growing rapidly
D. About half of those of industrially advanced countries (IACs)
B. Widely varied
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Which of the following is a problem with the price system that can lead to fluctuations in output?
A) The price system works silently in the background. B) Prices may be flexible. C) Prices can be slow to adjust. D) all of the above
Credit card balances are
A) part of M1. B) part of M2. C) part of M3. D) not part of the money supply.
You using a Laspeyres (fixed-weight )price index to compare price changes over time, and the index is based on consumption bundles from 2005 when energy costs were lower and housing costs were higher. Your results are likely to:
A) Overstate changes in the cost of living because the weight assigned to energy is too small. B) Overstate changes in the cost of living because the weight assigned to energy is too large. C) Understate changes in the cost of living because the weight assigned to housing is too small. D) Understate changes in the cost of living because the weigh assigned to housing is too large.
An economic benefit of contracts is that they
a. protect property rights b. encourage involuntary exchanges c. reduce the number of possible Pareto improvements d. encourage market concentration e. encourage specialization