According to the text, Singapore is classified as a less developed country (LDC)
a. True
b. False
Indicate whether the statement is true or false
False
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X-inefficiency refers to the situation in which:
A) highly competitive firms have less incentive to minimize their costs of production than other firms because the highly competitive firms have almost no chance to earn above-average profits. B) firms are unable to minimize their costs of production because there is no potential for input substitution. C) firms that use labor-intensive production methods tend to be less efficient than firms that use capital-intensive production methods. D) firms with market power have less incentive to minimize their costs of production than more competitive firms.
Of the four effects on interest rates from an increase in the money supply, the initial effect is, generally, the
A) income effect. B) liquidity effect. C) price level effect. D) expected inflation effect.
The consequences of price discrimination are
a. Consummate more transactions b. Extract more consumer surplus c. Increase producer surplus d. All of the above
The statistical discrepancy in the balance of payments
a. is always positive b. is always negative c. is always zero d. is either positive, negative, or zero e. is indeterminate