It is important to place particular stress on the role of primary education in the development strategy because of
(a) LDC's comparative advantage from basic skills education.
(b) the law of diminishing returns.
(c) development emphasis on poverty alleviation.
(d) all of the above.
D
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Suppose the nominal annual interest rate on a 2-year loan is 8% and lenders expect inflation to be 5% in each of the two years. The annual real rate of interest is
A. 3%. B. 6%. C. 8%. D. 2%.
In addition to the chairman of the Board of Governors, the FOMC consists of ________
A) six rotating members of the Board of Governors and five presidents of Federal Reserve banks B) six other members of the Board of Governors, four rotating bank presidents and the president of the New York Federal Reserve C) six other members of the Board of Governors and five presidents of Federal Reserve banks; all twelve rotating members D) twelve Federal Reserve Bank presidents E) none of the above
The term self-interest, as viewed by economists, means that:
a. consumers never pay more for a good simply because it carries a certain designer label. b. only economists are capable of making choices according to rational self-interest. c. people never act in their self-interest until they have perfect information. d. consumers always seek the least expensive option when making a purchase, regardless of individual preferences. e. people make choices that, given the information available, gives them the greatest amount of satisfaction.
When oligopolistic firms in an industry form a cartel, then it is most likely that
A) both industry output and prices will increase. B) both industry output and prices will decrease. C) industry output will increase while prices will decrease. D) industry output will decrease while prices will increase.