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Which of the following distinguishes industrially advanced countries from less-developed countries? a. GDP per capita.b. Educational attainment of the workforce.c. Extent to which capital is technologically advanced.d. All of the answers above are correct.

Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries? a. GDP per capita does not take into account differences in population between countries.b. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity

Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries? a. GDP per capita does not take into account differences in population between countries.b. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity

__________ generally results in increases in per-capita GDP. a. Civil warb. High levels of inequality in the distribution of land ownershipc. Investment in human capitald. A stock of natural resources

Which of the following is an example of foreign private investment? a. Elite government leaders in a less-developed country develop a domestic logging monopoly that proceeds to deforest lands recently cleared of residents by the military.b. The U.S. government provides $10 million in financial assistance to a less-developed country that provides space for U.S. military

Given an ad valorem tax rate of t, the gap between the price consumers pay and what suppliers receive is given by PD= (1 +t) PS.

One way to generate disequilibrium prices in a simple model of supply and demand is to incorporate a lag into producer’s supply response. To examine this possibility, assume that quantity demanded in period t depends on price in that period (QDt= a − b Pt) but that quantity supplied depends on the previous period’s price

The development of optimal tax policy has been a major topic in public finance for centuries. Probably the most famous result in the theory of optimal taxation is due to the English economist Frank Ramsey, who conceptualised the problem as how to structure a tax system that would collect a given amount of revenues with

Suppose two individuals A and B each have 10 hours of labour to devote to producing either ice cream (x) or chicken soup (y). A’s utility function is given by whereas B’s utility function is given by The individuals do not care whether they produce x or y, and the production function for each good

In the country of Rotorooa there are two regions, A and B. Two goods (x and y) are produced in both regions. Production functions for region A are given by here lx and ly are the quantities of labour devoted to x and y production, respectively. Total labour available in region A is 100 units; that is,