The World Bank seeks to:
A. Provide financial backing for the work of the International Monetary Fund
B. Maintain stable exchange rates in the currencies of developing countries
C. Assist developing countries in achieving economic growth
D. Maximize its profits for its worldwide shareholders
C. Assist developing countries in achieving economic growth
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If capital and labor each grow 5% in a year, the elasticities of output with respect to capital and labor sum to one, and productivity grows 2% in the year, by how much does output grow during the year?
A) 2% B) 3% C) 5% D) 7%
Negative supply shocks can have a tendency to ________ costs of production and ________ the inflation rate
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
If the price of 1 peso in dollars is 10 cents, the price of 1 dollar in pesos is
a. 10 pesos. b. 1 peso. c. 10 centavos. d. 100 pesos.
Which requirement for perfect competition rules out trade associations or other collusive arrangements in which firms work together to influence price?
a. Freedom of entry and exit. b. Homogeneity of product. c. Perfect information. d. Numerous small firms and customers.