Recall the Application about the lack of property rights in Peru, and why clear property rights are important for economic growth in developing countries, to answer the following question(s). According to this Application, clear property rights:
A. are important for economic growth in developed nations, but not in developing nations.
B. hinder economic growth in developing nations.
C. have no impact on the economic growth of developed nations.
D. are important for economic growth in developing and developed nations.
Answer: D
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Aluminum cannot be produced without bauxite. Hence, the price elasticity of demand for bauxite by aluminum manufacturers will be
A) perfectly elastic. B) elastic. C) inelastic. D) unitary elastic.
The elasticity of any demand curve is the same as its slope
a. True b. False Indicate whether the statement is true or false
Refer to Figure 15-2. If the firm's average total cost curve is ATC3, the firm will
A) suffer a loss. B) break even. C) make a profit. D) face competition.
In economic terms, interest is the payment for
A) current command over resources. B) producers' goods. C) stocks. D) both consumer and capital goods.