Some low-income countries lack the economic and legal stability needed to provide a fertile climate for domestic economic growth and to attract foreign investment needed to improve the standard of:
a. living.
b. care.
c. business.
d. conduct.
a. living.
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The foreign exchange market is the market in which
A) the world's governments collect their tariff revenue. B) goods and services are exchanged between governments. C) the currency of one country is exchanged for the currency of another. D) all international transactions occur. E) currencies are exchanged solely by governments.
Commitment devices are:
A. mechanisms that allow people to voluntarily restrict their choices in order to make it easier to stick to plans. B. socially institutionalized practices that signal a particular commitment has been made by a person. C. policies that force participants to choose their future commitments. D. None of these statements is true.
Early settlers in the town of Dry Gulch drilled wells to pump as much water as they wanted from the single aquifer beneath the town. (An aquifer is an underground body of water.) As more people settled in Dry Gulch, the aquifer level fell and new wells had to be drilled deeper at higher cost. The town council has proposed putting a meter on each household's pump, and charging residents for each gallon of water used. This would:
A. have no effect on water use. B. reduce total economic surplus. C. discourage residents from using too much water. D. convert private property to public property.
If a nation imposes a tariff on an imported product, then the nation will experience a(n):
A. Decrease in total supply and an increase in the price of the product B. Decrease in demand and a decrease in the price of the product C. Decrease in supply of, and an increase in demand for, the product D. Increase in supply of, and a decrease in demand for, the product