Which of the following characteristics is generally representative of developed countries relative to developing countries?
A. a lower infant mortality rate
B. a lower rate of literacy
C. lower productivity in the agriculture sector
D. a larger percentage of the labor force in rural areas
Answer: A
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Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost?
A) $7,200 B) $6,480 C) $5,400 D) $3,960
Refer to the data. If a lump-sum tax (the same tax amount at each level of GDP) of $40 is imposed in this economy, the marginal propensity to consume is:
Answer the question on the basis of the following before-tax consumption schedule for a closed economy:
A. .8 before taxes and .6 after taxes.
B. .8 both before and after taxes.
C. .6 before taxes and .8 after taxes.
D. .8 before taxes and .4 after taxes.