Which of the following characteristics is generally representative of developing counties relative to developed countries?
A. a lower infant mortality rate
B. a higher rate of literacy
C. lower productivity in the agricultural sector
D. a larger percentage of the labor force in urban areas
Answer: C
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Competition among rent seekers results in
A) higher rents. B) firms earning normal profits. C) firms setting lower prices. D) lower costs. E) all competing firms earning an economic profit.
To be the best at everything is possible
Indicate whether the statement is true or false
The value of output was $100 billion in Northland and $200 billion in Southland. The population of Northland was 50 million and the population of Southland was 30 million. There were 30 million employed workers in Northland and 20 million employed workers in Southland.
A. Northland; the same in both countries B. Northland; higher in Northland C. Southland; higher in Southland D. Southland; the same in both countries
Perfect substitutes will have indifference curves which are
A. L-shaped. B. convex. C. linear (a straight line). D. concave.