Which of the following is not an obstacle to development?
A. Overpopulation
B. Excessive investment
C. Political instability
D. Corruption
Answer: B
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The number of years required for real GDP to double can be found by
A. multiplying the annual growth rate by 72. B. dividing 72 by the annual growth rate. C. adding 72 to annual growth rate. D. dividing the annual growth rate by .072.
Ellie and John sell pizzas in a small town. Ellie is willing to sell 14 pizzas when the price is $10 per pizza, but only 13 pizzas when the price is $8 per pizza. John, on the other hand, is willing to sell 19 pizzas when the price per pizza is $10, but only 17 pizzas when the price is $6 per pizza. At $10 per pizza, the market quantity supplied is equal to _____
a. 31 b. 32 c. 33 d. 29
Economists assume people are motivated by
A) unlimited resources. B) pride. C) self-interest. D) social justice.
A patent is a government-imposed entry barrier because
A) it allows a firm to achieve economies of scale. B) it is a key input owned by the firm that is granted the patent. C) it limits the quantity of a good that can be imported into a country. D) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.