Provide a short definition of sustainable development
What will be an ideal response?
Meeting the needs of the present generation without compromising the needs of future generations.
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Suppose there are two goods: guns and roses. Also suppose Australia is initially closed to trade. When international trade is opened, Australia chooses to sell guns and buy roses in the world markets.
(i) Which is higher, Australia's autarkic relative price of guns or the world relative price of roses? (ii) If the world relative price of guns falls, will Australia be better off or worse off? What if the world relative price of guns rises? Explain.
When the value of the dollar changes from £0.75 to £0.5, then the British pound has ________ and the U.S. dollar has ________
A) appreciated; appreciated B) depreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated
The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). D. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A) always tend to act in an altruistic manner. B) always consider the impact of their actions on the welfare of others. C) are motivated by self-interest. D) are never concerned with economic issues.