In the economic way of thinking, countries are poor because they lack
A) money.
B) access to the New York Stock Exchange.
C) foreign aid.
D) productive knowledge and ideas.
E) effective minimum wage legislation.
D
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In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, there is an
A) external marginal benefit of $2. B) external marginal cost of $2. C) external marginal benefit of $1. D) external marginal cost of $3.
Which of the following is a function that money serves?
A) store of value B) medium of exchange C) unit of account D) All of the above are correct.
For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value)
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general.
At the point where marginal cost equals average variable cost,
a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. there is no total cost.