If nominal money supply grows 3% and real money demand grows 8%, the inflation rate is

As long as scarcity exists,

a. product prices play no role in utility maximization b. income plays no role in utility maximization c. income and product prices must both be considered in utility maximization d. consumers maximize utility by consuming all products until their marginal utility is zero e. product prices will be zero

Which of the following is a characteristic of an LDC?

a. All of the answers are correct. b. Lack of entrepreneurs c. Capital flight d. Vicious circle of poverty