Which of the following best defines the vicious circle of poverty?
a. Countries are poor because they cannot afford to save and invest.
b. Countries are poor because of high population growth.
c. Countries are poor because of lack of education and training for workers.
d. Countries are poor because of poor international credit.
a
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Identify whether each of the following transactions will take place in the factor market or in the product market:
a. Shondra buys a Harley-Davidson Softail motorcycle. b. Aimee works 20 hours a week at a grocery store. c. Gustavo sells a warehouse to a produce delivery company. d. Ocean Spray increases employment at its Middleboro, Massachusetts plant.
Insurance companies do NOT cover losses that would
A) happen to all of the policyholders at once. B) happen with a very low probability. C) happen to just a handful of policyholders. D) happen with uncertainty.
Sustained long-term economic growth comes from decreases in worker productivity, which essentially means how well we do things.
Select whether the statement is true or false. A. True B. False
Suppose a market is in equilibrium, and then a price ceiling is imposed at the equilibrium price. Which of the following will happen?
a. Quantity demanded will decrease. b. An excess supply will develop at the price ceiling level. c. An excess demand will develop at the old equilibrium price level. d. There will be no change in price or quantity bought and sold. e. The market will no longer be in equilibrium.