Related to the Economic in Practice on p. 710: As corruption falls in a country, cost of production usually rises.
Answer the following statement true (T) or false (F)
False
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It is argued that the United States would be foolish to maintain a free-trade stance in a world in which all other countries exploit child or prisoner labor, or are protectionist
On the other hand, Ricardo's classic demonstration of the sources and effects of comparative advantage cogently demonstrates that regardless of other country policy, free trade remains the first best policy for a country to follow, since it will maximize its consumption possibilities (conditional upon other country policies). Explain. Discuss the contradiction with the argument in the preceding paragraph.
A change in an equilibrium price can result from I. A change in demand II. A change in supply
A) I only B) II only C) Both I and II D) Neither I nor II
Which of the following describes the identity embodied in a balance sheet?
A. Net worth plus assets equal liabilities. B. Assets plus liabilities equal net worth. C. Assets equal liabilities plus net worth. D. Assets plus reserves equal net worth.
Trade-offs force society to make choices when answering what three fundamental questions?
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? B) What goods and services to produce; how will these goods and services be produced; and who receives them? C) Who gets jobs; what wages do workers earn; and who owns what property? D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?