Developing countries, like many developed countries, have a dual economy.
Answer the following statement true (T) or false (F)
False
Developed economies do not have dual economies; they do not have a traditional sector, like most developing countries.
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The magnitude of the slope of the budget line measures the
A) opportunity cost of the good on the horizontal axis in terms of the good on the vertical axis. B) opportunity cost of the good on the vertical axis in terms of the good on the horizontal axis. C) price elasticity of demand. D) price elasticity of supply.
According to loan able funds framework, if business decides to eliminate or postpone expansion plans reducing their need to borrow?
A. There will be excess demand in the loan able fund market B Interest rates will increase (WA) C. Interest rates will decrease D. Interest rates will not change E. Interest rates either can rise or fall
Carlos can produce the following combinations of X and Y: 10X and 10Y, 5X and 15Y, and 0X and 20Y. The opportunity cost of one unit of X for Carlos is
What will be an ideal response?
Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If demand for wheat is D1, then a profit-maximizing firm will produce ________ units and earn ________.
A. 12; positive profits B. 10; negative profits C. 5; zero profits D. 0; negative profits