Why is labor productivity so much lower in developing countries than in developed countries?
a. People concentrate more on theoretical education than on technical experience in developing countries.
b. Income per capita is too low in developing countries to support investment in human and physical capital.
c. High capital-labor ratio in the developing nations leads to lower productivity.
d. Factors of production in developing countries are usually owned by the government.
b
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Bureaucrats who believe in the mission of their bureaus will want to maximize their bureau's budgets to further their perception of the public interest
a. True b. False
In economics, "demand" refers to
A) the intensity of desire for a good. B) the amount of a good people need rather than the amount they want. C) the satisfaction a good will provide a person. D) how much of a good people will buy at any price during a given time period.
When higher prices result in a lower quantity demanded, economists call this relationship:
A. The demand curve B. Price and demand model C. The law of demand
Consider two people, Sandy Ross, who earns $25,000, and Gary Belcher, who earns $50,000. If the flat-tax rate is 20 percent, then:
A. the government collects a total of $20,000. B. Gary pays twice the tax amount Sandy pays. C. Gary pays three times the tax amount Sandy pays. D. Gary and Sandy pay exactly the same tax amount.