The Asian tigers have experienced rapid economic growth in recent times. Hence, these countries are sometimes referred to as:
a. first-world countries.
b. newly industrialized countries.
c. the globalization limelight.
d. second-world countries.
e. the G-8 nations.
b
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The production function shows the volume of output that can be produced from given inputs
a. True b. False Indicate whether the statement is true or false
Price-matching strategies may fail to enhance profits when:
A. firms cannot prevent customers from making deceptive claims or firms have different marginal costs. B. firms cannot prevent customers from making deceptive claims. C. firms have different marginal costs. D. None of the statements are correct.
In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is rationed by some non-monetary method. B. does not exhibit diminishing marginal returns. C. is available at zero opportunity cost. D. is not a scarce resource.
If the unemployment rate rises because the number of people not working but searching for work rises, economists would attribute this to the
A. discouraged worker effect. B. fallacy of composition. C. encouraged worker effect. D. none of the options are correct.