Less-developed countries are poor for all of the following reasons except
a. their technology is less than modern
b. the political system is unstable
c. lack of adequate infrastructure
d. lack of skilled workers
e. the labor force is too small
E
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What does a balance of trade deficit imply?
a. exports of goods and services exceed imports of goods and services b. imports of goods and services exceed exports of goods and services c. investment income received from abroad exceeds investment income paid to foreigners d. investment income paid to foreigners exceeds investment income received from abroad e. investment by foreigners exceeds domestic investment in other countries
In the Keynesian model, planned investment is
A. negatively related to the interest rate. B. positively related to household consumption. C. negatively related to the level of income. D. positively related to the wage rate.
If the social costs of an economic activity are $120 and the private costs are $75, then the external costs of the activity are ________, and market failure ________.
A. $45; occurs B. $195; occurs C. $195; does not occur D. $45; does not occur
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the expected value of the payoff in the first game?
A. $5.75 B. $5.00 C. $4.75 D. $4.50