Economics is the study of the ________ people make to attain their goals, given their ________ resources
A) purchases; unlimited
B) choices; scarce
C) income; available
D) decisions; household
Answer: B
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Many spokespersons of African countries complain that the U.S. and other developed countries heavily subsidize cotton. What is the reason for their discontent and what argument are they making with respect to their own economic development?
What will be an ideal response?
Suppose the economy is producing at the natural rate of output. An increase in consumer and business confidence will cause ________ in real GDP in the short run and ________ in inflation in the short run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
In the long run, foreign labor remains cheap when and if
a. it becomes highly efficient and competes successfully internationally. b. countries erect barriers to trade between poor countries. c. productivity increases more rapidly in poor countries than in rich countries. d. it remains inefficient compared to other countries' labor.
Which of the following will be least effective in dealing with the structural adjustment problems?
A. A fall in domestic labor costs B. Trade restrictions that raise foreign goods prices C. A rise in foreign labor costs D. A fall in foreign goods prices