Which of the following statements is TRUE?
A) investment = disposable income + consumption B) saving = personal income + consumption
C) saving = personal income - consumption D) saving = disposable income - consumption
D
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In the above figure, an innovation that increases the demand for high-skilled workers and decreases the demand for low-skilled workers will
A) reduce the amount by which WH exceeds WL. B) increase the amount by which WH exceeds WL. C) shift the SH curve leftward. D) shift the SL curve rightward.
Compare and contrast the marginal cost and average cost pricing rules for regulating natural monopolies
What will be an ideal response?
Because monopolists are protected by high barriers to entry, they:
A. may be able to earn long-run economic profits. B. will not minimize the per-unit cost of producing their output. C. will price their product at the highest possible price. D. seek economic profit; however, they are not able to earn it in the long run.
Which of the following is not an obstacle to development?
A. Overpopulation B. Excessive investment C. Political instability D. Corruption