Which of the following about economic growth is true?
a. The developed nations are growing rapidly and the less-developed nations are stagnating.
b. Most of the countries that have achieved the highest growth rates in the world during the last quarter of a century were classified as LDCs in 1980.
c. It is an oversimplification to divide the world into the growing, developed nations and the stagnating, less-developed nations.
d. Both b and c are true.
e. All of the above are true.
D
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Producer surplus is usually less than profit
a. True b. False
A gamble in which you win D dollars if the coin comes up heads, but lose D dollars if the coin comes up tails has an expected value of
A. 0. B. -1/2D. C. 1/2D. D. D.
Two types of bias that tend to cause the CPI to overstate the "true" rate of inflation are the ________ bias and the ________ bias.
A. quality adjustment; price adjustment B. price; quantity C. aggregation; price D. substitution; quality adjustment
Suppose the insurance company cannot tell them apart but expects them to be different values and charges them an average premium of $1850 . Who is more likely to buy this insurance?
a. Samantha b. Nadia c. Both of them d. None of them