What does the text suggest might be a possible advantage of being an economically "backward" nation?
A) Illiteracy
B) The fact that many women have been systematically denied education, and have therefore learned to become very good homemakers, which is a prerequisite for a stable society
C) The nation can adopt the advanced technologies of other nations without having to incur all the costs of research and development.
D) If you invert the per capita GDP figures of the so-called "backward" countries, you find they are, in real terms, among the wealthiest nations in the world.
C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Which of the following equals the ratio of the change in total revenues over the change in output?
A) total cost B) average revenue C) demand D) marginal revenue
How much trade involves shipping goods between the fairly similar high-income economies of the United States, Canada, the European Union, Japan, Mexico, and China?
a. Roughly one-fourth b. Roughly one-third c. Roughly one-half d. Roughly one-fifth
Movement from an inefficient allocation to an efficient allocation in the Edgeworth Box will
A. increase the utility of all individuals. B. increase the utility of at least one individual, but may decrease the level of utility of another person. C. increase the utility of one individual, but cannot decrease the utility of any individual. D. decrease the utility of all individuals.