An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.
A. 10
B. 27
C. 39
D. 50
Answer: C
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As you move up along a straight-line demand curve,
A) the price elasticity of demand decreases in size. B) the price elasticity of demand increases in size. C) total revenue always decreases. D) total revenue always increases. E) total revenue never changes.
Which of the following would not lead to a change in demand for coffee?
a. a change in the price of coffee b. a change in consumer preferences for coffee c. a change in the price of tea d. a change in consumers’ disposable incomes
The short-run supply curve of a perfectly competitive firm is: a. the average variable cost curve
b. the average total cost curve. c. the same as the demand curve. d. marginal cost above average variable cost.
Relating to the Economics in Practice on page 340: Europe has a carbon tax, and electricity producers are among the largest of the carbon producing firms. The carbon tax increased the price of electricity, and researchers found that the amount of the tax that was actually passed through to consumers reflected a ________ aggregate demand for electricity.
A. very inelastic B. unit elastic C. perfectly inelastic D. slightly elastic