A major factor contributing to the slow growth rate of less-developed economies is
A) the lack of well-defined and enforceable property rights.
B) the lack of natural resources.
C) the lack of workers.
D) the high rate of illiteracy.
Answer: A
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We know the following about a tie manufacturer: tie sales $1,300, cotton purchases $750, wages $400, interest on business loans $100, and profits $50. What is the contribution to GDP of this producer using the income approach?
A) $550 B) $500 C) $450 D) $400
If the current margin is greater than the desired margin, the firm should
a. Increase production b. Decrease production c. Not change production level d. Production ceases
The president of Tucker Motors says, "Lowering the price won't sell a single additional Tucker car." The president believes that the price elasticity of demand is:
a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. elastic. e. inelastic.
The Jones family has an average tax rate of 15 percent. Its marginal tax rate is
A. less than 15 percent. B. 15 percent. C. more than 15 percent. D. impossible to find.