According to the World Bank, developing countries greatly outnumber industrial countries
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following table with data for a private (no government) closed economy to answer the next question. All figures are in billions of dollars.Domestic Output or Income (RGDP = DI)Consumption$540$540560555580570600585620600640615660630If planned investment is $25 billion, then aggregate expenditures at the income level of $560 billion will be
A. $565 billion. B. $585 billion. C. $580 billion. D. $595 billion.
The concept of human capital describes
A) human skills, that is, the quality of labor. B) human population, that is, the quantity of labor. C) the number of machines per employed worker. D) the number of workers per operating machine. E) the number of machines (capital) that have been produced by people (humans).
Which of the following firms is most likely to spend on innovation?
A) A perfectly competitive firm B) A monopoly with absolutely no competition C) A firm that is the only controller of a key resource necessary for production D) A firm that enjoys some monopolistic power, but faces strong competition from its rivals
An inferior good or service is any good or service for which:
a. an increase in price causes an increase in the quantity demanded. b. a decrease in price causes an increase in demand. c. an increase in price causes a decrease in the quantity demanded. d. an increase in the amount consumed causes a decrease in marginal utility. e. an increase in income causes a decrease in demand.