An example of a poverty trap is
a. extended time periods without war
b. a lack of mineral wealth
c. a dysfunctional or corrupt government
d. laws and regulations to help detect fiscal fraud
e. None of the answers is correct
C
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Suppose Paraguay can produce 12 wheat or 3 corn. Suppose Bolivia can produce 4 wheat or 2 corn. Suppose opportunity costs are constant. Given these production possibilities,
A) Paraguay has a comparative advantage in wheat. B) Paraguay has a comparative advantage in corn. C) Paraguay has a comparative advantage in both goods. D) Paraguay has an absolute advantage in neither good.
An electric utility is going to use a block-pricing schedule. They plan to charge P1 for the first Q1 units and P2 for the subsequent units. The units sold at P2 are the total units sold, Q2, minus the total units sold at P1
The inverse demand curve is P = $100 - Q, and the marginal and average cost is $40. Use calculus to solve for P1, P2, Q1, Q2.