According to the possible trade-off example between warships and drinking water in the text, the policy question that should be considered in Malaysia is
A) do the real costs of the warships exceed their nominal costs?
B) do the opportunity costs of the warships exceed their nominal costs?
C) do the benefits of the warships exceed their opportunity costs?
D) do the nominal costs of the warships exceed their real costs?
C
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Discuss the importance of rural-urban migration as a source of urban population growth in various parts of the developing world, being as specific as you can
What will be an ideal response?
If an individual's labor supply curve is backward bending, then
A) the income effect associated with a higher wage is greater than the substitution effect. B) the substitution effect associated with a higher wage is greater than the income effect. C) the substitution effect associated with a higher wage encourages more leisure. D) A and C E) B and C
An increase in checking account balances equals the initial deposit multiplied by total reserves.
Answer the following statement true (T) or false (F)
Which of the following is NOT an assumption of perfect competition?
A) many firms B) many buyers C) restrictions on entry into the market D) each firm sells an identical product