Which of the following is true of sub-Saharan Africa?
a. The poverty rate in the region is low.
b. The region has received more foreign aid than any other area of the world.
c. Most of the countries in the region rank among the freest economies in the world.
d. The poverty rate in the region is the lowest of any region in the world, and the rate has declined sharply during the past quarter of a century.
B
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The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The United Kingdom has a comparative advantage in the production of ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. only corn. B. neither umbrellas nor corn. C. only umbrellas. D. both goods.
Which of the following statements is true?
A. Nash equilibrium exist only in games with dominant strategies. B. Dominant strategies do not exist in repeated games. C. Collusive agreements will always break down in repeated games. D. Games with a known ending date undermine reciprocity strategies.
A study by Kathryn Edin and Laura Lein found that
A. virtually all single mothers—whether working or receiving public assistance—had to supplement their income with money from relatives, boyfriends, or the absent father of their children. B. most welfare families lived very comfortably on their public assistance checks, supplemented by Medicaid, public housing, and food stamps. C. only half the number of Americans officially below the poverty line were actually poor. D. government assistance hurt the poor much more than it helped the poor.
Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.