People in poor countries may have difficulties achieving economic growth because:
a. their production possibilities curves slope upward instead of downward.
b. they must cut back on current consumption to increase capital goods.
c. they have a solid consumption base already in place.
d. their resource bases are fully developed.
e. the law of increasing costs makes it hard to produce more goods.
b
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In a small, agricultural nation, consumers buy only steak and potatoes. In 2009, the base year, the typical consumer spent $potatoes on strawberries and $100 on steak. The price of potatoes is $1 and the price of steak is $2 in 2009
In 2009, the price of potatoes is $2 and the price of steak is $1. The CPI for 2010 is A) 80. B) 125. C) 100. D) 110. E) 25 percent.
The quantity of medical care demanded appears to be highly sensitive to changes in price
a. True b. False Indicate whether the statement is true or false