When describing the IMF broad country classification, the most accurate statement is that
A) most of the nations in Western Europe are considered emerging market economies.
B) the emerging market economies are countries that were, until the early 1990s, part of the Soviet Union or its satellites.
C) about 50 percent of the world's population live in the advanced economies and the other 50 percent live in the emerging market and developing economies.
D) most of the world's population lives in advanced economies.
E) the category with the greatest number of countries is the advanced economies.
B
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Which of the following statements is true?
A) Countries with lower investment in research and development (R&D) are likely to have higher standards of living. B) The Industrial Revolution started in the United States and spread to other parts of the world. C) The Industrial Revolution started in South America and spread to other parts of the world. D) Countries with a higher investment in research and development (R&D) are likely to have higher standards of living.
The price of home computers rises. According to the law of supply, manufacturers will respond to this price increase by
A. keeping computer production steady B. decreasing computer production. C. increasing computer production. D. halting computer production.
The four components of GDP are consumption expenditures, private investment expenditures, government purchases, and transfer payments.
Answer the following statement true (T) or false (F)
If firms pay what are called "efficiency wages," they pay wages that
A) are lower than average to ensure maximum profit. B) are mandated by the government. C) will eventually lower the unemployment rate. D) motivate workers to increase their productivity.