Which of the following is most important if a country is going to grow rapidly and achieve a high level of per capita income?
a. an abundance of natural resources
b. a warm moist climate
c. a small population relative to the geographic size of the country
d. institutions and policies that encourage people to engage in productive activities
D
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If expectations about future income change, there is
A) a decrease saving if people expect income to decrease in the future. B) a decrease in saving if people expect income to increase in the future. C) an increase in saving if people expect income to increase in the future. D) no change in saving until income actually changes. E) a change in the quantity of loanable funds supplied and a movement along the supply of loanable funds curve.
The substitution effect makes workers want to work less when the wage increases
a. True b. False Indicate whether the statement is true or false
If the price of coffee is $4 per pound, how much coffee would consumers collectively be willing to purchase?
a. 3,000 pounds per year
b. 5,000 pounds per year
c. 8,000 pounds per year
d. 12,000 pounds per year
The agricultural nation of Luckidom is attempting to answer the three fundamental economic questions. Develop the three questions as they relate to this nation.
A. 1. Should we produce more wheat and fewer soybeans? 2. Should we farm with equipment or by hand? 3. Do the farmers or the governors receive a higher salary? B. 1. Should we farm with equipment or by hand? 2. Do the farmers or the governors receive a higher salary? 3. Should we grow near the riverbed or by the coast? C. 1. Should we use fertilizer? 2. Should we grow near the riverbed or by the coast? 3. Should we produce more wheat and fewer soybeans? D. 1. Should we grow near the riverbed or by the coast? 2. Should we produce more wheat and fewer soybeans? 3. Should we farm with equipment or by hand?