To provide an incentive for villagers to repay loans, in the text Muhammad Yunus:
A. threatened to call the borrower's mother.
B. forced villagers to offer collateral for loans.
C. would increase interest rates by 1 percentage point after each late payment.
D. made loans using group responsibility.
Answer: D
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In terms of the marginal product of labor, how much labor is needed to produce one more unit of output? If the cost of that labor is w, then how much does one more unit of output cost to produce? If a firm is a perfectly competitive profit maximizer, show why they produce where w equals the marginal revenue product of labor.
What will be an ideal response?
A market in which there are many sellers who all sell an identical product is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
A geologist tells the ACME Mining Company she's certain there is a gold vein one thousand feet below the surface of its property, but ACME still decides not to mine for that gold. How would an economist explain their decision?
A) The owners of ACME aren't as greedy as other mining operations. B) The owners of ACME probably distrust the geological reports. C) The owners of ACME feel the additional costs of mining for gold outweigh the additional benefits. D) The owners of ACME are ignorant of the basic principles of economics.
Which statement is true about the Malthusian theory?
A. It predicts that famine can easily be averted. B. It is an application of the law of diminishing returns. C. It is unduly optimistic. D. It has proven true in most countries.