Economists have looked at the reasons why some nations remain poor. What are the "poverty traps" countries can become mired in?
a. Civil war, misuse of resources, and corrupt government
b. Civil war, misuse of resources, and stable government
c. Overuse of resources and trade
d. Ethnic imbalances, high level of natural resources, and pursuit of self-glorification.
a
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If a 6 percent decrease in the price leads to a 5 percent increase in the quantity demanded, the price elasticity of demand is
A) 0.30. B) 0.60. C) 0.83. D) 1.20.
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What will be an ideal response?
Public policy towards externalities becomes important when _____
a. transactions costs are zero b. transactions costs are low c. transactions case are high d. there is no relationship between transactions costs and externalities
According to economic theory, under perfect competition, the price of a depletable resource
A. becomes an inaccurate signal of scarcity. B. may fall as firms will develop substitutes. C. will be too volatile to let markets adjust. D. will increase as firms develop new innovations to extract the resource.