Do donor countries gain anything from their aid?
What will be an ideal response?
Students may point to gains from exports, political gains or other kinds of benefits, or may chose to argue, as with Bauer, that aid's deficiencies outweigh its gains.
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When does a resource earn only economic rent?
a. When the supply curve of the resource is relatively elastic b. When the supply curve of the resource is horizontal c. When the supply curve of the resource is vertical d. When the supply curve of the resource is relatively inelastic e. When the supply curve of the resource is backward bending
As we work fewer hours and our leisure time increases, the opportunity cost of labor
A. Rises and the marginal utility of income rises. B. Falls and the marginal utility of income falls. C. Falls and the marginal utility of income rises. D. Rises and the marginal utility of income falls.
Consumption possibilities, during a given time period, refer to the
A. Maximum amount that a country can produce if it imports and does not export. B. Amount by which a country can expand its production possibilities by engaging in international trade. C. Maximum amount of imported goods and services that a country can consume. D. Alternative combinations of goods and services that a country could consume in a given period of time.
A country's newest ruler has decided the country will become self-sufficient and ceases trade with the rest of the world. The likely outcome of this action will be that the country's citizens will be:
A. better off than before only if they have the absolute advantage in the production of most goods they consume. B. better off than before only if they have the comparative advantage in all goods C. forced to consume less than before if they possessed a comparative advantage in the production of a good. D. better off than before if they possess an absolute advantage in the production of a good.