Which of the following seems to be the most acute institutional problem that needs to be resolved by many DVCs?
A. The use of capital-saving technology
B. Development of natural resources
C. Widespread political corruption
D. An increase in foreign aid
C. Widespread political corruption
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What is meant by the natural rate of unemployment?
What will be an ideal response?
People must make choices because
a. wants are limited. b. resources are unlimited. c. they are unequally endowed with talent. d. wants are unlimited and resources are scarce.
Which of the following is not a characteristic of monopolistically competitive firms in the long run:
A. firms earns zero profits B. each firm maximizes profits. C. firms charge a price above marginal cost. D. there is no deadweight loss.
Private entrepreneurs are likely to make better investment decisions than central planners because
What will be an ideal response?