To use an analogy that helps explain the ABCs of economic development: To build a skyscraper, you must first build the foundation. In order for an economy to create economic development, it must first develop a solid
a. network of resources
b. production possibilities curve
c. infrastructure
d. dualist structure
e. base for foreign investment and aid
C
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Output supply curves always slope up in the one-input model.
Answer the following statement true (T) or false (F)
There is no free lunch means
A) each action has a cost. B) each choice involves a free item. C) each decision has elements of free goods in it. D) if you get your lunch paid for by someone else, it is free, but if you have to pay, it is not free. E) if you are invited to lunch by someone, you are not expected to pay for it.
Which of the following was not a solution to the Great Depression favored by Classical economists?
A. Hire unemployed workers for public works programs B. Let market forces operate C. Stop government measures that held up wages and prices D. Break up labor unions
Other things being equal, the wages of clerical workers would tend to decrease if there was an increase in:
A. The marginal revenue product of clerical workers B. The minimum entry requirements for clerical work C. The period of training required for clerical work D. Nonmonetary benefits available to clerical workers