On average, people in low-income countries ________ than people in high-income countries
A) have a longer life expectancy
B) are subject to a lower infant mortality rate
C) are shorter
D) are exposed to fewer severe diseases
Answer: C
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Suppose that changes in the interest rate have absolutely no effect on the demand for money. The resulting ________ LM curve causes monetary policy to have ________ effect in changing income
A) horizontal, no B) horizontal, an unusually strong C) vertical, no D) vertical, an unusually strong
If the market price is $5 and you are currently producing at a level where average total cost is $3 and falling, you should:
A. produce until the average total cost and average revenue are equal. B. shut down. C. produce only enough to cover variable costs. D. produce where MR = MC.
An accounting identity is
A. special drawing rights. B. when the balance of payments is running a surplus or deficits. C. when the balance of trade is in surplus or deficit. D. an expression of values that are equivalent by definition.
Sam Lewis owns a firm in New York City's garment district. If Sam keeps adding workers to use the same number of sewing machines, eventually the workplace will become so crowded that workers will get in each other's way. At this point
A) Sam should begin using a division of labor in his business. B) Sam's business will be in violation of safety rules that have been established by the New York City government. C) the marginal product of labor in Sam's business would be negative and his total output would decrease. D) Sam should encourage his workers to share their sewing machines.