Which of the following explains why GDP per capita is likely to decline in less developed countries?
A. Unemployment growth is greater than population growth.
B. Population growth is greater than inflation.
C. GDP growth is greater than capital investment growth.
D. Population growth is greater than GDP growth.
D. Population growth is greater than GDP growth.
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Bank reserves are:
A. currency and customer checking deposits. B. cash and similar assets held to meet depositor withdrawals or payments. C. any asset used to purchase goods and services. D. currency, customer checking and savings deposits.
Refer to Scenario 12.2. Suppose that the marginal cost falls such that:
MC = Q - 10 What is the profit maximizing level of output? A) 171.43 B) 120 C) 150 D) all of the above E) none of the above
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
a. price elastic. b. price inelastic. c. income elastic. d. income inelastic.
In the case of public goods, _____
a. the free rider problem does not arise b. one person's consumption of the good reduces the consumption of the good by others c. individuals can be easily excluded from consuming the good once it is provided d. the quantity produced by a private market would be too large from society's viewpoint e. the principle of mutual excludability and principle of rivalry do not apply