Why is the debate between the international dependence and the neoclassical counter-revolution schools referred to as "finger pointing?"
What will be an ideal response?
The text stresses that most members of the former school tend to be developing country economists, while most members of the latter school are developed country economists. The former blames underdevelopment on policies adopted by the developed countries, while the latter blames policies adopted by the developing countries.
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Suppose that a market for a product is in equilibrium at a price of $3 per unit. At any price below $3 per unit
A) there will be an excess demand for the product. B) the quantity demanded of the product will be less than the quantity supplied of that product. C) there will be a surplus of that product. D) there will be an excess supply of the product.
Refer to the data. At the point where 3 units are being sold, the coefficient of price elasticity of demand:
A. cannot be estimated.
B. suggests that the market is purely competitive.
C. is less than unity (one).
D. is greater than unity (one).