Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?
a. Ethiopia
b. the United States
c. Canada
d. South Korea
d
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Retirement savings accounts, such as IRAs, help increase economic growth because
A) they encourage international trade. B) government invests them. C) they keep the interest rates high. D) people have an incentive to work harder and longer hours to save for the future. E) savings finances investment.
Most foreign exchange is bought and sold
A) by governments. B) by tourists. C) in over-the-counter markets. D) on the New York Stock Exchange.
Refer to Figure 35.3 for the production possibilities curves for the United States and Mexico. These two curves indicate that
A. There is no benefit to the United States as a result of trading tomatoes or machinery with Mexico. B. Mexico does not have an absolute advantage in the production of either good. C. Mexico has a comparative advantage in the production of tomatoes. D. The United States has a comparative advantage in the production of machinery.
Based on this consumer surplus graph, how many full glasses of iced tea can Emily buy and receive a consumer surplus?
a. one
b. two
c. three
d. four