Most less-developed countries are characterized by
a. inadequate manpower
b. a high proportion of the population under the age of 15
c. unfertile and uncultivable land
d. an extensive infrastructure
e. low total productivity but high per capita productivity
B
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The income elasticity of demand is
A) positive for a normal good. B) zero for an inferior good. C) less than one for an income elastic normal good. D) Only answers A and B are correct. E) Answers A, B, and C are correct.
Suppose there is a simple tax system that says you pay 10% for income up to $10,000, 25% for income between $10,000 and $50,000, and 35% for all income above $50,000. Mr. Campbell has income of $72,000. Mrs. Campbell has income of $55,000.
(A) What is Mr. Campbell's individual tax liability? Mrs. Campbell'? (B) What is their liability if they file a joint return? (C) Is there a marriage penalty? If so, how much is
A nominal, bilateral exchange rate is:
a. The weighted-average value of a currency relative to many foreign currencies. b. The nominal, effective exchange rate adjusted for a nation's price level relative to many foreign countries' prices. c. The same as the nominal, effective exchange rate. d. The value of one currency in terms of another currency.
If, for an imaginary closed economy, investment amounts to $10,000 and the government is running a $2,500 deficit, then private saving must amount to $12,500
a. True b. False Indicate whether the statement is true or false