According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
a. United Arab Emirates.
b. Israel.
c. Greece.
d. All of the above are IACs.
e. None of the above are IACs.
a
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For which of the following purchases would the absolute price elasticity of demand be smallest?
A) a sports car B) utilities C) chewing gum D) a cell phone
Fashion Buyers II A buyer for a department store must decide on which designs the stores will carry before he knows what the demand will be in the coming season. Choosing a poorly demanded design means lots of unsold merchandise and losses that are
$200,000 on average. Passing on a highly demanded design means lots of unsold merchandise and missing out on profits that are $300,000 on average. So long as he is more than 40% confident that the design will be successful, carrying the design will minimize expected decision error costs. Why might he opt to carry designs only if he is more than, say, 50% confident of success?
Oligopolists
a. are price takers. b. rarely advertise. c. must take rivals' reactions into account. d. offer homogeneous products.
The idea of horizontal equity in taxation implies that
A. equally situated individuals should be taxed equally. B. unequally situated individuals should be taxed unequally. C. benefits should be given first to those individuals who need them most. D. the greatest tax burden should be borne by the wealthiest individuals.