Economic development is:
A. a measurement of available resources.
B. an indicator of individual poverty.
C. about the quality of life for all sectors of society.
D. about increases in real GDP only.
Answer: C
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A newly industrialized country is a. the same as a high-income country. b. any country that has experienced sustained growth in industry. c. a special classification given to some upper-middle income countries that have achieved relatively advanced manufacturing sectors
d. any country that has moved out of lower income status.
Explain how international trade and trade policy helped South Korea transform itself from an underdeveloped country to a high-income country in the space of a single generation. You might begin by discussing South Korea's trade strategy
Why is international trade of such vital importance to South Korea?
Which of the following is an example of a normative statement?
a. If the money supply falls, interest rates will rise. b. Teenage unemployment would be lower if there were no minimum wage. c. The quantity of shirts sold increases as the price of shirts decreases. d. The federal government's total spending should be reduced. e. If interest rates go up, then construction activity will fall.
If all the world's resources were to magically increase one hundredfold, then:
A. scarcity would disappear. B. trade-offs would become unnecessary. C. economics would no longer be relevant. D. people would still have to make trade-offs.