"China is not a typical developing nation." Which of the following economic features is most likely to justify this claim?
A. The government of China spends a significant portion of its revenue on national defense.
B. China has a large trade deficit with the United States.
C. The Chinese government favors a freely floating exchange-rate policy.
D. China has a high national saving rate.
Answer: D
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A point outside a production possibilities frontier indicates
A) that resources are not being used efficiently. B) an output combination that society cannot attain given its current level of resources and technology. C) that resources are being used very efficiently. D) that both goods are characterized by increasing costs.
Which of the following has the lowest present value?
A) $1,000 received in 3 years if the current interest rate is 4% B) $1,500 received in 5 years if the current interest rate is 6% C) $2,000 received in 6 years if the current interest rate is 11% D) $3,000 received in 10 years if the current interest rate is 13%