Most of the poor countries experience slow growth because of all the following reasons except
A. the government's failure to enforce the rule of law
B. low rates of saving and investment
C. excellent public health and education
D. frequent civil disturbances such as wars and revolutions
Answer: C. excellent public health and education
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The absolute value of the price elasticity of demand at the midpoint of a linear demand curve is always
a. greater than one b. less than one c. one d. zero e. infinity
Federal funds loans are:
A. unsecured loans. B. collateralized loans between banks. C. guaranteed by the FDIC. D. secured loans between banks and the Fed.
Which of the following statements is false?
A. In a competitive market, the price mechanism encourages conservation of a depletable resource. B. As the price of a depletable resource rises, its known reserves often increase. C. Prices of depletable resources have risen in the twentieth century primarily because resource producers have exercised monopoly or oligopoly power. D. Shortages of depletable resources occur primarily when governments or others interfere with the price mechanism.
If the demand curve is perfectly elastic, then an increase in supply will: a. increase both the price and the quantity exchanged
b. increase the price but result in no change in the quantity exchanged. c. increase the quantity exchanged but result in no change in the price. d. decrease the price but result in no change in the quantity exchanged.