Which of the following would not be considered a cause of poverty?
a. lack of proficiency in English
b. a college education
c. bad luck
d. gender discrimination
Ans: b. a college education
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The production possibilities curve shows various combinations of two products that an economy can produce when there is full employment and economic efficiency.
a. true b. false
In the short run, a fiscal policy action that results in a reduction in the size of the budget deficit will cause
A. an inflationary gap if the economy was initially operating below full employment. B. an increase in real GDP with stable prices if the economy was below full employment. C. an inflationary gap if the economy was initially operating at full employment. D. a reduction in real GDP with falling prices if the economy was below or at full employment.
Which of the following is not the case when social costs are greater than private costs?
A. There is market failure. B. Resources are allocated efficiently. C. External costs exist. D. The market's price signals are flawed.
Make a case that development economics might be merely a combination of all the other subfields of economics, only applied to low-income countries
What will be an ideal response?