Residents of Poor Countries Tend to Have Fewer Automobiles Per

question 116

Multiple Choice

Residents of poor countries tend to have fewer automobiles per capita because

• A) lower per capita real gross domestic product (GDP)growth rates allow for less spending on automobiles.
• B) residents of poor countries tend to live on farms,where cars are unnecessary.
• C) residents of wealthy countries have automobiles provided to them by the government.
• D) tax rates are higher in poor countries,which leaves less money to spend on cars.
• E) residents of poor countries generally prefer to walk.

Analyze how changes in a firm's output level affect its profitability in a competitive market.

Recognize the implications of a firm producing at a level where marginal cost exceeds or is less than marginal revenue.

Understand the impact of market conditions on a firm's decision to adjust output rather than price in a competitive price-taker market.

Understand the concept of a price-taker firm in competitive markets.

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Definitions:

Consumer Financial Protection Bureau

A U.S. government agency aimed at ensuring consumer protection in the financial sector and enforcing laws related to financial products and services.

Legislative Approval

The formal consent given by a legislative body to enact a proposed piece of legislation into law.

ARMs

Adjustable-Rate Mortgages, which are loans with interest rates that change over time based on market conditions.

Regulation

The act of controlling, governing, or directing according to rules, principles, or laws, usually by a government or regulatory body.