Answer the following questions true (T) or false (F)
1. Developing countries with large informal sectors tend to have firms that invest less in capital equipment.
2. If income is unequally distributed in an economy, increases in GDP may not raise well-being in an economy.
3. Real GDP per capita is calculated by dividing the value of real GDP for a country by the country's adult population.
1. TRUE
2. TRUE
3. FALSE
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Which conditions must be present for "perfect competition" to occur?
A) A large number of buyers and sellers, and all of them enjoy full and complete information. B) Sellers produce identical products. C) There is a costless mobility of resources. D) Everybody behaves as a price taker. E) All of the above.
Refer to Table 14-5. What is the Nash equilibrium in this game?
A) Both Ming and Henri offer free pickup and delivery. B) There is no Nash equilibrium. C) Henri offers free pickup and delivery, but Ming does not. D) Ming offers free pickup and delivery, but Henri does not.