Among the prerequisites to economic development is
a. stability, which is provided by a traditional way of doing things
b. a high birth rate
c. low levels of saving
d. the development of infrastructure such as roads and electricity
e. the development of infrastructure such as forward and backward linkages
D
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When economists assume that people are rational and respond to incentives, they mean
A) people act with kindness. B) people act in their own self-interest. C) people are altruistic. D) people are selfish.
Residential construction did not return to its 1926 high levels until 1949
Indicate whether the statement is true or false
The free-rider problem occurs when:
A. people who pay for a good or service cannot be excluded from enjoying it. B. buyers pay less than their reservation price. C. sellers receive more than their reservation price. D. people who do not pay for a good or service cannot be excluded from enjoying it.
Economists deduce the value people place on their own lives by looking at what people will pay to reduce the probability of death.
Answer the following statement true (T) or false (F)