Identify the correct statement.
A. The developing countries are expected to catch up with the average per capita income in the industrialized countries in the near future.
B. In many of the industrialized countries, the income per person declined between 1990 and 2016.
C. Most of the developing countries have been growing at the same rate since 1990.
D. The average product per person has grown faster in the developing countries than in the industrialized countries since 1990.
Answer: D
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Currency outside of banks increases from $100 million to $200 million. This change is considered
A) a currency drain. B) a decrease in the monetary base. C) expansionary monetary policy. D) contractionary monetary policy.
After getting an A on your economics exam, you decide to go to your favorite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas
Use the rule of equal marginal utility per dollar to determine which one to purchase: (a) the chimichanga for $8 which gives you 120 units of utility, or (b) the enchiladas for $15 which gives you 195 units of utility?