In developing countries, the labor force typically grows _____
a. as rapidly as in industrial countries
b. less rapidly than in industrial countries
c. more rapidly than in industrial countries
d. at a diminishing rate
e. at a constant rate
c
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The area below the demand curve and above the price line measures
A) consumer surplus. B) economic profit. C) elasticity of demand. D) the total value obtained from consuming the good or service.
In the U.S. a delivery van costs $30,000 . In Uruguay the same delivery van costs 720,000 pesos. The nominal exchange rate is 20 pesos per dollar. A. Find the real exchange rate. Show your work. B. In terms of dollars where is the television cheaper?
Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. In this monopolistically competitive industry, in the long run
A. demand for the product will decrease so that profits are decreased. B. the government will impose price controls to eliminate any economic profits. C. firms will enter until all firms earn a normal profit. D. firms will continue to earn economic profits.
Using the data in the table above, the growth rate of real GDP has
A) increased from year to year. B) increased more rapidly from year to year. C) remained constant from year to year. D) slowed from year to year. E) probably changed, but more information is needed about the price level to determine by how much it has changed.