The characteristics that create a vicious cycle of poverty in less developed countries are
a. low levels of current production and a declining population
b. stagnant production, poor infrastructure, and a declining population
c. low current output per capita, high population growth rates, and poor infrastructure
d. inefficient governments, low current production, and low tax rates
e. political instability and low population growth
C
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If households' disposable income decreases, then
A) households' saving will decrease. B) households' saving will increase. C) investment will increase. D) Both B and C are correct.
Assume Congress decides that oil companies are making too much profit and decides to tax oil companies for each gallon of gasoline produced. This would
A) shift the marginal cost curve up. B) shift the marginal cost curve down. C) shift the average fixed cost curve up. D) shift the average fixed cost curve down.
Which of the following will shift the demand curve for capital leftward?
a. Introduction of supercomputers in the resource market b. A fall in the market interest rates c. An increase in the price of capital d. Business expectations of increased regulations e. A rise in the equilibrium wage of labor
Why do economists use the concept of elasticity in addition to measurement of the slope of the demand curve?
a. Mathematical equations are favored over graphical analysis. b. Elasticities are independent of the units of measure. c. The concept of elasticity can be used in other areas of economics, whereas the slope of the demand curve is only useful in demand analysis. d. These terms are interchangeable, but elasticity has the more professional sound.