The most obvious measure of low levels of economic development is low _____.
Fill in the blank(s) with the appropriate word(s).
per capita incomes (or per capita GDPs)
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If the desired reserve ratio rises, the money multiplier
A) decreases. B) increases. C) stays the same. D) probably changes but more information is needed to determine if it increases or decreases.
A tariff differs from a quota in that a tariff is
a. levied on imports, whereas a quota is imposed on exports. b. levied on exports, whereas a quota is imposed on imports. c. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported. d. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.
Which of the following is not an example of market failure?
a. Lack of competition b. Efficient equilibrium c. Extreme income inequality d. Externalities
The "Lemon's" argument helps to explain why
A. physical depreciation is the only reason for the sharp price differential between new and used cars. B. physical depreciation is an insufficient reason for the sharp price differential between new and used cars. C. new and used cars sell for more than their intrinsic value would suggest. D. used cars fail to satisfy consumer demands for transportation.