Judged by international standards, the national debt of the United States, in terms of its national debt as a percentage of GDP is
A) the highest among the developed nations.
B) the lowest among the developed nations.
C) above average among the developed nations.
D) below average among the developed nations.
Answer: C) above average among the developed nations.
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In a market economy, the decision regarding allocation of resources is made by
A. the operation of the forces of supply and demand. B. policy authorities in Washington, D.C. C. budget planners in state capitals. D. committees from a variety of economic interest groups. E. All of the responses are correct.
Evidence of a negative correlation between income per capita and population growth rates ________
A) implies that birth control is most effective in low-income countries B) has not been found in the available data C) is consistent with the Solow model D) suggests that population growth stimulates technological progress
Many countries use a proportional-representation system, which means that:
A. everyone's preference gets represented proportionately with everyone else's. B. if a party gains a certain percentage of the popular vote, then they are awarded the same percentage of representative seats in the government. C. smaller parties can carve out niches and still have political influence. D. All of these are true.
Which of the following statements is an explanation for the law of increasing opportunity costs?
A. Many economic resources are better at producing one product rather than another B. The economy is employing all of its available resources C. In any economy, the state of technology is changing and resources are variable D. The economy is achieving productive efficiency by producing goods at the least cost