Which of the following can be a barrier to an LDC's economic growth and development?
a. Low population growth. b. A low level of human capital.
c. Faster capital accumulation. d. More infrastructure.
b
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The unemployment caused by minimum wage would be larger if
A) both labor demand and labor supply are more elastic. B) both labor demand and labor supply are more inelastic. C) minimum wage is set equal to the equilibrium wage rate. D) minimum wage is set below the equilibrium wage rate. E) both labor demand and labor supply are perfectly inelastic.
Which of the following represents key strengths of the market economy as a system of allocation?
a. Goods and services are allocated based on willingness and ability to pay, rather than based on need. b. Producers have strong incentives to innovate because successful innovators are rewarded with higher profit. c. Since price is freely set based on supply and demand, shortages and surpluses are minimized. d. Both b. and c. above are correct.