The problem of scarcity
A. applies to market-based economies.
B. applies to centrally planned economies.
C. applies only to the economies of less-developed countries.
D. applies to all of these economies, not just one type.
Answer: D
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If the eyeglass industry is monopolistically competitive, then in the long-run: a. the price of eyeglasses will equal marginal revenue. b. the price of eyeglasses will exceed marginal cost. c. firms can earn economic profits
d. firms are price takers.
Kuznets's research showed that the marginal propensity to consume remains constant as national income rises
Indicate whether the statement is true or false
A U.S. computer manufacturing company seeking to expand its operations to a lesser- developed country can expect
a. socioeconomic issues to be unimportant b. cost structures to be different c. to easily apply the same technologies as in the United States d. labor skills to be similar e. the same infrastructure as in the United States
Which of the following is most important if a country is going to grow rapidly and achieve a high level of per capita income?
a. an abundance of natural resources b. a warm moist climate c. a small population relative to the geographic size of the country d. institutions and policies that encourage people to engage in productive activities