All of the following are major factors limiting economic growth in developing countries EXCEPT
A) dead capital.
B) deregulation.
C) inefficient government regulation.
D) corruption.
B
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A dedicated professor loves being in the classroom and would teach for $50,000 per year, but he is actually paid $60,000 per year. This individual
A) receives economic rent of $1100,000. B) has an opportunity cost of $110,000. C) has an opportunity cost of $50,000. D) receives economic rent of $10,000.
When the supply of credit is fixed, an increase in the price level stimulates the demand for credit, which in turn reduces consumption and investment spending. This argument is called the:
A. real balances effect. B. interest-rate effect. C. net exports effect. D. substitution effect.
Nontradables are cited as a reason why purchasing power parity doesn't hold because:
A. there is no economic opportunity to profit if the goods cannot be sold in another market for another price. B. location-specific goods are impossible to calculate a price elsewhere for. C. goods that you can't transport cannot be sold for a profit elsewhere, even if the price differs in different locations. D. All of these statements are true.
What is the best explanation for the fact that the only two political candidates in an election often have very similar stands on the issues during an election?
A. They are logrolling. B. They are behaving according to the median voter rule. C. Democrats and Republicans actually agree on most issues. D. They need to please special interest groups in order to be elected.