The nation of Exland is considered a less-developed country and has the following characteristics. Which one is not typical of a less-developed country?
a. High illiteracy.
b. High unemployment.
c. Rapid growth of technology.
d. Low growth in technology.
e. Rapid population growth.
c
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A black market is also known as a(n) ________ economy
A) open B) closed C) underground D) emerging
Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. How many people are unemployed?
A) 20 B) 40 C) 60 D) 80 E) 100
The aggregate demand curve shows
A) a direct relationship between changes in the price level and changes in real GDP. B) real GDP does not change as the price level changes. C) an inverse relationship between the price level and real GDP. D) an inverse relationship between changes in the price level and changes in nominal GDP.
The agreements that were reached at the Bretton Woods conference in 1944 established a system
A. in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading. B. of essentially fixed exchange rates under which each country agreed to intervene in the foreign exchange market when necessary to maintain the agreed-upon value of its currency. C. of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nations. D. that prohibited governments from intervening in the foreign exchange markets.