Ethiopia provides a counterexample to the claim
A) central economic planning doesn't work well.
B) nations are poor because they are subject to exploitation by nations with superior military power.
C) a nation can move to the ranks of the wealthiest in the world with few natural resources.
D) the rule of law is necessary for economic growth.
B
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What does willingness to pay measure?
a) the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it b) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept c) the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept d) the maximum amount that a buyer will pay for a good
A monopolist faces a demand curve given by P = 60 -2Q and has total costs given by TC = Q2. Its marginal revenue is MR = 60 - 4Q and its marginal cost is MC = 2Q. What price does the monopolist charge with no trade?
a. $5 b. $10 c. $15 d. $20