Which of the following countries has the greatest percentage of people living in extreme poverty?
A. Congo.
B. China.
C. Bolivia.
D. India.
Answer: A
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If firms are price setters, a small decline in the demand for their outputs will cause them to
A) reduce price and reduce the level of output produced. B) reduce output in the short run, but reduce price in the long run. C) reduce price in the short run, but reduce output only in the long run. D) increase price in the short run to offset the effect on profits of a decline in output.
Moral hazard in a transaction hurts
a. The seller only b. The buyer only c. Both parties d. None of the parties
In Marx's ideal communist society, the state:
a. actively promotes income incentives. b. follows the doctrine of laissez faire. c. owns resources and conducts planning. d. does not exist.
With asymmetric information among consumers and positive search costs, a firm may
A) raise its price above the monopoly price. B) price at the monopoly level. C) price at the full information competitive level. D) None of the above.