Carefully explain some of the similar problems faced by otherwise diverse countries in Africa, Asia, and Latin America

What will be an ideal response?


This calls for students to summarize some of the main points discussed in the chapter.

Economics

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Voting against ones preferences in the initial round of a runoff election in order to prevent the selection of an undesirable alternative in the final round is called

A) ballot manipulation. B) strategic voting. C) naive voting. D) the voting paradox.

Economics

Cyclical unemployment refers to unemployment resulting from:

a. a mismatch of skills. b. being in the wrong geographical location. c. the time and monetary cost of finding the best job. d. a recession.

Economics

When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax

a. True b. False Indicate whether the statement is true or false

Economics

Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?

A. The amount he spent, $10. B. Nothing, since he got his preferred choice. C. The Batman T-shirt. D. The X-Men T-shirt.

Economics