Refer to Figure 22-5. Based on the "catch-up line" drawn above, poorer countries are more likely to be at a point like ________, where growth in GDP is relatively ________, while richer countries are more likely to be at a point like ________, w
growth in GDP is relatively ________.
A) B; high; A; low B) B; low; A; high C) A; high; B; low D) A; low; B; high
C
You might also like to view...
Arnold Kim began blogging about Apple products during his fourth year of medical school. Kim's Website, MacRumors
com, became so successful that he decided to give up his medical career and work full time on his Website, despite the nearly $200,000 he had invested in his education. In making his decision, the $200,000 he spent on his education A) should be considered since it is money he could have used to invest in his Website. B) should be ignored only if Kim can earn more than $200,000 by running his Website. C) should be considered since it is money he has spent and needs to recoup. D) should be ignored since it represents a sunk cost.
If output decreases, which of the following would occur?
a. Prices of non-labor inputs, input requirements per unit of output and unit costs would all increase and the economy would move upward along the aggregate supply curve. b. Prices of non-labor inputs, input requirements per unit of output and unit costs would all decrease and the economy would move upward along the aggregate supply curve. c. Prices of non-labor inputs, input requirements per unit of output and unit costs would all increase and the economy would move downward along the aggregate supply curve. d. Prices of non-labor inputs, input requirements per unit of output and unit costs would all decrease and the economy would move downward along the aggregate supply curve. e. Prices of non-labor inputs would decrease, input requirements per unit of output would increase and the economy would move upward along the aggregate supply curve.
The difference between positive statements and normative statements is that
A) a positive statement involves a value judgment and a normative statement is a statement of fact. B) a positive statement is a statement of fact and a normative statement involves value judgments. C) value judgments are made in normative statements but assumed in positive statements. D) normative statements are provable while positive statements are not.
If someone produced too much of a good, this would suggest that
A. the good was produced to the point where its marginal benefit exceeded its marginal cost. B. certain goods and services such as education and health care are inherently desirable and should be produced regardless of costs and benefits. C. rational choice cannot be applied to many economic decisions. D. the good was produced past the point where its marginal cost exceeded its marginal benefit.