Why have poor nations invested so much money in education and health? Evaluate the soundness of these reasons
What will be an ideal response?
Discussed in the chapter. Education and health improvements will increase labor productivity. Both are essential for sustained growth.
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If firms in a competitive price-searcher market are currently experiencing economic profits, then over time,
a. new firms will enter the market, and the current firms will experience a decrease in demand for their products until zero economic profit is again restored. b. new firms will enter the market, and the current firms will experience an increase in demand for their products until zero economic profit is again restored. c. some existing firms will exit the market, and the remaining firms will experience an increase in demand for their products until zero economic profit is again restored. d. some existing firms will exit the market, and the remaining firms will experience a decrease in demand for their products until zero economic profit is again restored.
A large underground economy results in an ________.
A. understated GDP B. overstated GDP price index C. overstated GDP D. understated GDP price index