Which of the following is not a characteristic of most less-developed countries?
a. low per capita income
b. political instability
c. a high percentage of the population under the age of 15
d. inadequate infrastructure
e. high productivity
E
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If a used-car dealer suffers economic losses, then
A) as a group, its customers were necessarily made worse off. B) as a group, its competitors necessarily enjoyed economic profits. C) it must pass its losses onto its future customers. D) none of the above is true.
It is difficult for competent authorities to agree on the best definition of the money stock because money is composed primarily of the liquid liabilities of financial institutions
A) and liquidity implies the absence of certainty. B) of which there are many different kinds whose relative liquidity is continually changing. C) on which we simply have no reliable data. D) whose solvency is highly questionable.
Which of the following is NOT true of a perfectly competitive firm?
A. It sells only a small fraction of the total quantity exchanged in the market. B. It seeks to maximize revenue. C. It faces a perfectly elastic demand curve. D. It is unable to influence the price of the good it sells.
The graph shown demonstrates a tax on buyers. What is the amount of tax revenue being generated from the tax?
A. $48 B. $36 C. $72 D. $96