The nation of Exland is considered a less-developed country and has the following characteristics. Which one is not typical of a less-developed country?
A. high illiteracy
B. high unemployment
C. rapid growth of technology
D. rapid population growth
Answer: C
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Suppose the economy is closed and consumption is 8 million, taxes are 2 million, and government purchases are 1.75 million. If national saving amounts to 1.25 million, then what is GDP?
a. 9 million. b. 9.5 million. c. 13 million. d. 11 million.
This graph illustrates the marginal costs and marginal benefits of acquiring information before making a major purchase.
Suppose this graph describes a town in which the only way to gather any information about the good is through Consumer Reports. If the subscription price of Consumer Reports increases, then the impact of this could be portrayed by the marginal:
A. cost curve shifting from MC0 to MC1. B. benefit curve shifting from MB1 to MB0. C. cost curve shifting from MC1 to MC0. D. benefit curve shifting from MB0 to MB1.
Explain what is meant by automatic stabilizers and how they work to minimize fluctuations in economic activity
What will be an ideal response?
Benchmarking occurs when a firm
A. sets up strategic plans for the future based on its current performance. B. advises other firms on organization, based on its success. C. compares its performance with its previous performance. D. compares the strategies of other firms in the industry to derive its strategy.