Which of the following factors are most important for determining the economic growth of a country?
A) The country's level of resources
B) The independence of the country's central bank
C) The country's rates of saving and investment
D) The level of sophistication of a country's financial markets
C
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A constant-cost industry is one in which
A. the long-run supply curve is upward sloping. B. the long-run supply curve is perfectly inelastic. C. the long-run supply curve is downward sloping. D. the long-run supply curve is perfectly elastic.
If a meat packing plant has 30 employees and each employee has a 1 in 90 chance of getting injured on the job, then on average, one employee will get injured on the job every
A) 120 days. B) 1 year. C) 3 years. D) 9 years.
Refer to Figure 9-9. Fenwick currently both produces and imports pistachios. The government of Fenwick decides to restrict international trade in pistachios by imposing a quota that allows imports of only 5 million pounds each year
Figure 9-9 shows the estimated demand and supply curves for pistachios in Fenwick and the results of imposing the quota. Answer questions a-j using the figure. a. If there is no quota what is the domestic price of pistachios and what is the quantity of pistachios demanded by consumers? b. If there is no quota how many pounds of pistachios would domestic producers supply and what quantity would be imported? c. If there is no quota what is the dollar value of consumer surplus? d. If there is no quota what is the dollar value of producer surplus received by producers in Fenwick? e. If there is no quota what is the revenue received by foreign producers who supply pistachios to Fenwick? f. With a quota in place what is the price that consumers of Fenwick must now pay and what is the quantity demanded? g. With a quota in place what is the dollar value of consumer surplus? Are consumers better off? h. With a quota in place what is the dollar value of producer surplus received by producers in Fenwick? Are domestic producers better off? i. Calculate the revenue to foreign producers who are granted permission to sell in Fenwick after the imposition of the quota. j. Calculate the deadweight loss as a result of the quota.
What are the factors that can cause a shift in the production possibilities curve?