International dependence theories distinguish between two groups of countries known as
a. rich-poor.
b. developed-developing.
c. center-periphery.
d. independent-dependent.
C
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The table above presents the production possibilities of Farmer Brown. Use these data to calculate Farmer Brown's opportunity cost of additional beef as Farmer Brown moves from point A to B to C to D
Also use the data to calculate Farmer Brown's opportunity cost of additional wheat as Farmer Brown moves from point D to C to B to A. Based on these costs, does Farmer Brown use resources that are more productive in one activity than the other? Explain your answer.
The invisible hand is mostly guided by:
A) costs of production. B) quantity of goods and services sold. C) market prices. D) government intervention.
Which of the following is not a cost posed by inflation?
A) Firms must pay for changing prices on products and printing new catalogs. B) The money that consumers and firms hold loses its purchasing power. C) Banks can lose if they under predict inflation and charge an interest rate that does not completely compensate for inflation. D) Inflation reduces the affordability of goods and services to the average consumer.
Which of the following does not contribute to an improved standard of living?
a. Increases in the amount and quality of available resources b. Better technology c. Higher prices for the necessities of life d. Improvements in the "rules of the game" e. Increases in the quality of labor