Provide a definition of development economics. Justify your choice carefully
What will be an ideal response?
See the section in Chapter 1 entitled, "The Nature of Development Economics," on
pages 9–10 for some ideas about how the students might answer this question. They
should in some way say that development economics is more than just growth in GDP.
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A large number of businesses are organized as sole proprietorships because it is easy for them to acquire large sums of financing
a. True b. False
Explain how the short-run industry supply curve for a perfectly competitive market is derived.
What will be an ideal response?
Which of the following is not included in the investment component of GDP?
a. The purchase of 100 shares of stock. b. The purchase of a $1000 bond. c. A firm's purchase of a used van to use for deliveries. d. None of the above are included in the investment component of GDP.
By definition, economics is the study of
A) how to make money in the stock market. B) how to make money in a market economy. C) the choices people make to attain their goals, given their scarce resources. D) supply and demand.