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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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
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