If women are not allowed to own property or inherit wealth but men are, this is an example of comparative advantage.
Answer the following statement true (T) or false (F)
False
An inequality trap is a system of institutional barriers that impede human and physical capital investment, particularly by the poorest segments of society.
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Explain the difference between an open economy and a closed economy
What will be an ideal response?
An increase in the income tax ________ potential GDP by shifting the labor ________ curve ________
A) decreases; demand; leftward B) increases; demand; rightward C) decreases; supply; rightward D) decreases; supply; leftward E) increases; supply; rightward
When the actual real interest rate is less than the equilibrium real interest rate
A) the equilibrium real interest rate will rise. B) borrowers find it difficult to borrow. C) there is a shortage of loanable funds. D) Both answers B and C are correct.
The assumptions about tastes and behavior to model the trading between two people do NOT include
A) utility maximization. B) convex indifference curves. C) nonsatiation. D) interdependence.