Explain the dynamic rationale for economic integration among developing countries
What will be an ideal response?
Similar to the infant industry argument—see the chapter.
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Two goods are substitutes if an increase in the price of one good leads to a decrease in demand for the other
Indicate whether the statement is true or false
People who gain greater enjoyment from leisure activities
a. allocate more time to leisure b. allocate more time to market work c. allocate more time to nonmarket work d. generally earn higher market wages e. generally earn lower market wages
Which of the following are examples of injections?
a. government purchases, net taxes and exports b. government purchases, investment spending and exports c. net taxes, imports and household saving d. household saving, imports and government purchases e. exports, imports and household saving
The shut-down decision is a short-run decision.
Answer the following statement true (T) or false (F)