The typical developing country will not have
a. computers
b. older people
c. a high proportion of college graduates
d. a well-developed culture
e. all of the above
C
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A firm's demand for labor depends on the
A) nominal wage rate because it pays workers in dollars. B) real wage rate, which equals the nominal wage divided by the price level. C) real wage rate, which equals the nominal wage divided by the hours worked. D) nominal wage rate, which equals the real wage divided by the price level. E) supply of labor.
"Market power" is an expression used to indicate that a firm has
a. the power to sell a given output at whatever price it chooses. b. no freedom from the rigors of intense competition. c. a monopoly over the product it produces. d. enough market share to be somewhat insulated from competition.
Many people donate to charity and leave tips to servers in restaurants even when they will never visit the restaurant again. Economists consider this type of behavior to be
a. irrational because these actions make people worse off financially. b. rational because it shows that people value fairness even when this behavior makes people worse off financially. c. rational only if other people observe this behavior. d. All of the above are consistent with the general view of fairness
The reduction in the market output resulting from the imposition of a price floor depends on both the price elasticity of demand and the price elasticity of supply.
Answer the following statement true (T) or false (F)