A suggested policy for industrially advanced countries to adopt to encourage economic growth in developing countries would be:
A. Cutting debt relief for DVCs
B. Directing foreign aid to the more affluent DVCs
C. Restricting immigration of low-skilled workers from DVCs
D. Reducing tariffs and import quotas on labor-intensive products
D. Reducing tariffs and import quotas on labor-intensive products
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The price of a good rises by 12 percent and the price elasticity of demand for the good is 0.85. Which of the following is a CORRECT interpretation of these facts?
A) When the price rises by 12 percent, the quantity demanded decreased by 0.85 percent. B) For each 1 percent that the price rose, the quantity demanded decreased by 10.2 percent. C) For each 0.85 percent that the price rose, the quantity demanded decreased by 1 percent. D) For each 1 percent that the price rose, the quantity demanded decreased by 0.85 percent.
Even if expectations of inflation are rational, sluggish adjustment of wages and prices will still create a short-run trade-off between inflation and unemployment
Indicate whether the statement is true or false
Under a gold standard system, central banks can follow an independent monetary policy
Indicate whether the statement is true or false
If a market is subject to a positive externality,
A) the demand curve reflecting social benefit will be to the right of the demand curve representing private benefit. B) there is only one demand curve. C) the demand curve reflecting social benefit will be to the left of the demand curve representing private benefit. D) private benefit will exceed social benefit.