In the last two decades of the 20th century, developing countries as a whole have
a. grown more slowly than developed countries
b. grown a bit more rapidly than developed countries
c. grown much more rapidly than developed countries
d. made very little progress
e. none of the above
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In the long run, new firms can enter an industry and so the supply elasticity tends to be:
A. more elastic than in the short run. B. less elastic than in the short run. C. perfectly inelastic. D. perfectly elastic.
The opportunity cost of a decision is the
A. value of the best alternative not chosen. B. cost of making the wrong choice. C. cost incurred by others who are unhappy with your decision. D. value of all the alternatives not chosen.
If prices and wages are flexible, a decrease in aggregate demand will in the long run cause only a(n):
A. Decrease in the price level B. Increase in the price level C. Increase in the unemployment rate D. Decrease in real output