Which of the following will be required for a country to move up the income ladder and achieve high-income status?
What will be an ideal response?
sustained economic growth
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The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced. B. increasing resource prices are inevitable because of scarcity. C. opportunity costs increase as more of one good is produced. D. resources can be easily adapted to the production of any good
A regulation that sets the lowest price at which it is legal to trade a good is a
A) search ceiling. B) price floor. C) production ceiling. D) price ceiling. E) subsidy.
Joe's Imports is currently the only dealer for imported Sporto autos on the East Coast, but Fred's Autos may enter the import market and start selling Sporto cars in the East Coast market during the coming year
Joe's Imports can pay the Sporto manufacturer for exclusive East Coast marketing rights, which would deter the entry of Fred's Autos into the market. The payoffs from the possible actions are measured in millions of dollars per year, and the possible outcomes of the sequential entry game are summarized in the following matrix: Fred's Autos enters Fred's Autos does not enter Joe's Imports buys rights ---- 50, 0 Joe's Imports does not buy 40, 40 80, 0 What is the equilibrium outcome from this sequential entry game? A) Joe's Imports buys the marketing rights, and Fred's Autos cannot enter the market. B) Joe's Imports buys the marketing rights, and Fred's Autos enters the market. C) Joe's Imports does not buy the marketing rights, and Fred's Autos enters the market. D) Joe's Imports does not buy the marketing rights, but Fred's Autos does not enter the market.
When restrictions alter the pattern of international trade, the _____ benefit and the _____ suffer(s)
a. domestic consumers; domestic producers b. domestic consumers; government c. domestic producers; domestic consumers d. foreign producers; domestic producers e. foreign producers; domestic consumers