Which of the following measures can give some indication of the quality of life in an economy?
A. Life expectancy
B. Literacy rates
C. Child mortality
D. All of these help to assess quality of life.
Answer: D
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A funded pension plan _____
a. pays current beneficiaries from the contributions of current contributors b. pays current beneficiaries from the contributions of new contributors c. maintains assets equal to the present value of future liabilities d. is functionally equivalent to a pay-as-you-go system, except for the pension plan is not compulsory
The most important advantages of bigness will be found in industries that show increasing returns to scale
a. True b. False Indicate whether the statement is true or false
Unlike a perfectly competitive firm, a monopolistically competitive firm
A. faces a perfectly inelastic demand curve. B. can earn positive economic profit in the short run and in the long run. C. cannot earn positive economic profit even in the short run. D. does not have the same marginal revenue at every output level.
The prisoner's dilemma is a game of strategy:
A. in which people make rational choices that lead to the ideal result for all. B. that leads everyone to be as well off as possible without making another worse off. C. in which people make rational choices that lead to a less-than-ideal result for all. D. that leads people to make irrational choices that lead to the ideal result for all.