The race-to-the-bottom concept described in the text refers to
A) the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry.
B) the situation in which human rights are not respected by trading countries.
C) adopting the standards of a few selected middle-income and high-income countries.
D) the use of low per-capita income as a means of comparing the well-being of individuals.
E) None of the above.
A
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All of the following contributed to the downfall of the Soviet Union in 1991 except
A) lack of high-quality goods and services. B) public dissatisfaction with low living standards and political repression. C) an inability to produce low-cost consumer goods that households wanted. D) lack of a strong dictator who could coordinate economic activities.
The per-worker production function illustrates the fact that as the amount of capital per worker increases, output per worker: a. increases at an increasing rate
b. increases then decreases. c. decreases but at an increasing rate. d. decreases. e. increases but at a decreasing rate.
Today, people changed their expectations about the future. This change a. can cause a movement along a demand curve
b. can affect future demand but not today's demand. c. can affect today's demand. d. cannot affect either today's demand or future demand.
Which of the following statements best describes government options during a recession?
a. During a recession, the government will want to implement contractionary fiscal policy, but may be unable to do so because such a policy would lead to a budget deficit. b. During a recession, the government will want to implement discretionary fiscal policy, but may be unable to do so because such a policy would lead to a budget surplus. c. During a recession, the government will want to implement contractionary fiscal policy, but may be unable to do so because such a policy would lead to a budget surplus. d. During a recession, the government will want to implement expansionary fiscal policy, but may be unable to do so because such a policy would lead to a budget deficit.