Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?
a. If, in a relatively poor country, real income per person had grown by 3.5 percent per year for the last 100 years, it would be a relatively rich country today.
b. Rich countries became richer and poor countries became poorer.
c. In the United States, real income per person today is about four times as high as it was 120 years ago.
d. All of the above are correct.
a
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Barriers to entry serve to limit the number of firms that operate in a particular market and, as such, reduce the amount of total profit earned in the market
Indicate whether the statement is true or false
Why are successful collusive oligopolies rather short-lived?
Insurance companies:
A. only profit by selling to risk neutral clients. B. profit from the difference between the premiums paid and the expected value of clients' payouts. C. must charge less than the expected value of payout, otherwise they would go out of business. D. All of these statements are true.
The desire to hold money to undertake unexpected transactions would define the _____ motive for holding money.
Fill in the blank(s) with the appropriate word(s).