Which of the following is considered a firm's "factor of production"?
A. Money or cash balances of the firm
B. The firm's shares of common stock
C. U.S. Treasury bonds owned by the firm
D. The office building occupied by the firm
Answer: D
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People complain that inflation increases the cost of goods and services and therefore reduces their purchasing power. If inflation and income grow at the same rate, is this complaint valid? Explain carefully
What will be an ideal response?
Which of the following statements is most accurate about the prospects for poorer ("follower") countries catching up with richer ("leader") countries?
A. Catching up is unlikely to occur because their growth rates are the same on average. B. Catching up is unlikely to occur because richer countries tend to grow at a faster rate. C. Catching up is possible, but only if growth rates in leader countries fall to zero or become negative. D. Catching up is possible as "follower countries" tend to grow faster than "leader countries."