Which of the following helps low income countries grow rapidly relative to high income countries?
a. Low income countries are in a better position to save a larger share of their income.
b. Low income countries can copy (or borrow at a low cost) technologies and practices that have been successful in high income countries.
c. Low income countries generally have legal systems that protect property rights and enforce contracts in a more evenhanded manner.
d. Low income countries generally have more favorable weather
B
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Which of the following statements is true?
A) When a nation has an absolute advantage over other nations in producing all the goods and services, it cannot gain from trade. B) Absolute advantage relates to production per units of inputs and comparative advantage involves the opportunity cost of producing different goods. C) When a nation has an absolute disadvantage over other nations in producing a good, it cannot gain from trade. D) Absolute advantage involves the opportunity cost of producing different goods and comparative advantage relates to production per units of inputs.
Refer to Figure 6-11. What is the value of the price elasticity of supply between g and h?
A) 0.5 B) 2 C) 20 percent D) 0.02
The federal personal income tax is _____ progressive than it was in 1980.
Fill in the blank(s) with the appropriate word(s).
As noted in the text, the major Japanese auto manufacturers agreed to "voluntary" import restrictions that reduced the number of cars they could ship to the U.S. market in the 1980s
One of the key outcomes from this policy is that the Japanese manufacturers were able to: A) focus on more profitable auto markets in other countries. B) raise their prices of autos in the U.S. market and capture higher profit margins on the imported cars. C) cut their costs by more than the import tariff, so profit per auto increased. D) all of the above