Describe in general terms four or five characteristics of less-developed countries
Less-developed countries have high populations and high birth and death rates, have low standards of
living as measured by per capita GDP, and rely on technology and other needed inputs from the developed
countries. More than half of their populations are engaged in agriculture where productivity is low. These
countries make poor use of their labor and underemployment abounds. They have high illiteracy rates and a
low percentage of their populations in school at any level. Life expectancy is low; people suffer from
malnutrition and disease and have few health-care opportunities.
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In the United States during the late 1990s, the unemployment rate fell from previous years and the inflation rate was lower than in previous years. This set of events is best described by saying that the
A) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift. B) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift. C) long-run Phillips curve shifted rightward. D) short-run Phillips curve shifted downward. E) short-run Phillips curve shifted upward.
If the MPC is b, then the multiplier is
A) 1/(1 - b). B) b/(1 - b). C) 1/(1 + b). D) b/(1 + b).