Many low-income countries are unable to provide a fertile climate for domestic economic growth and to attract foreign investment because
a. they lack sufficient natural resources.
b. their populations are self-sufficient.
c. they lack economic and legal stability.
d. they are located in difficult to access regions.
c. they lack economic and legal stability.
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In the above figure, if the price is P1 and the firm produced Q1, the firm's economic profit is ________ than if it produced Q2 and ________ than if it produced Q3
A) less; less B) less; more C) more; less D) more; more
Assume firm X is one of the three largest firms in an oligopolistic industry. Firm X is currently considering a vertical merger with another firm that is the sole supplier of an input used by all of the firms that compete with firm X
If the merger goes through, firm X would be able to operate much like: A) a perfectly competitive firm. B) a monopolistically competitive firm. C) an oligopolist. D) a monopolist.
If crude oil is a variable factor of production for a firm, then an increase in the price of crude oil will lead to:
A. a decrease in the firm's supply. B. a decrease in the quantity supplied by the firm, but no change in the firm's supply. C. an increase in the firm's supply. D. an increase in the quantity supplied by the firm, but no change in the firm's supply.
When economists say goods are scarce, they mean:
A. consumers are too poor to afford the goods and services available. B. consumers are unwilling to buy goods unless they have very low prices. C. goods are generally freely available from nature in most countries. D. the desire for goods and services exceeds our ability to produce them with the limited resources available.