Among countries with per capita gross national income in 2006 of greater than $24,000,
A. services tend to represent a smaller share of GDP.
B. agriculture tends to produce a larger share of GDP.
C. the consumer price inflation rate tends to be lower.
D. high-income households tend to consume a larger share of GDP.
Answer: A
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In the Keynesian model, firms are best characterized as
A) perfectly competitive. B) irrational. C) price takers. D) monopolistically competitive.
A strike
A. hurts the firm's management and shareholders but not the union members. B. is always in the firm's best interest. C. is never in the best interest of the rank and file. D. can be a rational response during the union-firm negotiation process. E. is a Pareto optimal outcome.
The government finances Social Security through
A. state taxes. B. the sale of goods and services. C. excise taxes. D. payroll taxes.
When countries specialize in producing those goods in which they have ________, they maximize their combined output and allocate their resources more efficiently.
A. an absolute advantage B. a greater demand C. export subsidies from the government D. a comparative advantage