Which of the following is TRUE?
A) Generally, the lower the country's average income, the less administrative, scientific, and technical capacity it has to design and enforce standards.
B) National priorities do not change as income changes—countries of all income levels seem to share the same priorities and values.
C) Differences in income are always an obstacle to the harmonization of standards.
D) The adoption of a common set of rules usually narrows the market and raises prices.
A
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Depending on the shape of the marginal cost curve, a monopolist might produce an output level on the elastic or the inelastic part of demand.
Answer the following statement true (T) or false (F)
If a lender wants to earn a real interest rate of 3% and expects inflation to be 3%, he/she should charge a nominal interest rate that:
A. is at least 7%. B. equals the real rate desired less expected inflation. C. equals the real rate desired plus expected inflation. D. is anything above 0%.
Purchasing insurance removes risk
a. true b. false
Answer the following statements true (T) or false (F)
1. Do-it-yourself activities of people are a big part of the "underground economy". 2. When businesses have to install anti-pollution equipment to clean up their wastes, they are adding to GDP. 3. GDP tends to understate economic welfare because it does not take into account increases in leisure. 4. All activities included in GDP serve to enrich society. 5. Most activities in the so-called underground economy are illegal activities involving drugs or gambling, for example.