If the international price of oranges is less than the domestic price of oranges in Spain, then Spain will export oranges to other countries
a. True
b. False
Indicate whether the statement is true or false
False
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What explains the sharply divergent long-run growth patterns?
What will be an ideal response?
An important reason why economies at an early stage of development tend to operate inefficiently is
A) they tend to be dominated by the agricultural sector, where productivity is usually low. B) they tend to have authoritarian governments that stifle innovation. C) they tend to be plagued by superstitious beliefs that stifle innovation. D) the high transactions costs associated with barter.
Which of the following does not affect the level of autonomous investment?
a. level of technology b. expectations of future growth c. rate of capacity utilization d. rate of interest e. level of income
All of the following are microeconomic consequences of inflation except
A. A wealth effect. B. An income effect. C. A profit effect. D. A price effect.