Which part of the world is often classified as the "Fourth World" and why?
What will be an ideal response?
Countries such as much of sub-Saharan Africa and some of South Asia, have stagnated and fallen so far behind the economic advances of the rest of the world that the "Fourth World" has been used to describe them.
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If the elasticity measure equals 0.6, then the demand is
A) elastic. B) unit elastic. C) inelastic. D) infinitely elastic.
Classical economists believe that in the short run
A) money neutrality exists and prices adjust rapidly. B) money neutrality does not exist and prices adjust rapidly. C) money neutrality exists and prices do not adjust rapidly. D) money neutrality does not exist and prices do not adjust rapidly.
Welfare economics is the study of
a. the well-being of less fortunate people. b. welfare programs in the United States. c. how the allocation of resources affects economic well-being. d. the effect of income redistribution on work effort.
Many products consumed by Americans are imported. Imports account for the largest share of which of the following products consumed by Americans?
What will be an ideal response?