Both the Latin American countries and the sub-Saharan countries have poor economic growth records due to
A) climate.
B) geography.
C) colonization.
D) arbitrary governance.
E) indifference from the World Bank.
D
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Answer the following statement(s) true (T) or false (F)
1. A rise in absolute prices guarantees that relative prices will rise as well. 2. If the relative price of a gallon of water in terms of milk increases from 1 gallon to 1.5 gallons of milk, then the relative price of milk has fallen. 3. If all absolute prices increase by 10%, then the economy's relative prices will remain unchanged. 4. An increase in the price of gasoline relative to telephones will cause inflation. 5. When silk is shipped from China to Atlanta, transportation costs will make the price of high-quality silk relative to low-quality silk higher in Atlanta than in China
Sanford wants to start up his own business, and needs $50,000 to get it off the ground. He can either withdraw it from his savings account, where he currently earns 2 percent, or he can take out a loan for $50,000 and pay 2 percent interest. Sanford should compare:
A. the implicit cost of $1,000 to the explicit cost of $51,000 and choose to use his savings. B. the implicit cost of $51,000 to the explicit cost of $1,000 and choose to borrow the money. C. the explicit cost of $1,000 to the implicit cost of $1,000 and realize it will cost the same whether he borrows it or uses his savings for the venture. D. the explicit cost of $1,000 to the implicit cost of $51,000 and choose to borrow the money.
A dairy buys $50,000 worth of milk and spend $5,000 on cartons and utilities. It sells the cartons of milk to a grocery store for $60,000 that then sells all of the cartons to consumers for $65,000 . How much do these actions add to GDP?
a. $55,000 b. $65,000 c. $120,000 d. None of the above are correct.
One major tax loophole intended to help state & local governments raise funds is
A. fiscal federalism. B. tax exempt municipal bond interest. C. tax deductible mortgage interest. D. tax credits for solar panels.