Differences in stages of development among countries are reflected in a number of ways besides per ...

Differences in stages of development among countries are reflected in a number of ways besides per capita income.
a. True
b. False

QUESTION 2

The lemons problem is that when there are hidden characteristics known only to the seller of a used car,
a. the ratio of lemons to high-quality cars is likely to be high
b. the ratio of lemons to high-quality cars is likely to be low
c. good used cars will sell for more than their market value
d. no lemons will be offered on the market
e. the price of lemons will be below their market value

QUESTION 3

There is a tremendous range in productive performance around the world.
a. True
b. False

QUESTION 4

The used car market may be inefficient because the purchase of a used car often involves
a. natural selection
b. moral hazard
c. hidden actions
d. open-access resources
e. hidden characteristics

QUESTION 5

Which of the following is not a country or region most likely to be among industrial market countries?
a. Western Europe
b. North American
c. Australia
d. South Asia
e. Japan

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Differences in stages of development among countries are reflected in a number of ways besides per ...

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