Productivity is the
a. key determinant of living standards, and growth in productivity is the key determinant of growth in living standards.
b. key determinant of living standards, but growth in productivity is not the key determinant of growth in living standards.
c. not the key determinant of living standards, but growth in productivity is the key determinant of growth in living standards.
d. not the key determinant of living standards, and growth in productivity is not the key determinant of growth in living standards.
a
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The theory of comparative advantage explains that the gains from international trade result from pursuing comparative advantage and producing at a lower opportunity cost.
Select whether the statement is true or false. A. True B. False
When a country has flexible exchange rates the:
a. Reserves account must equal zero. b. Reserves account must be positive. c. Reserves account must be negative. d. Current account must equal minus the reserves account. e. Reserves account can be positive or negative.
The concept of relative poverty
A. leads to the concept of inequality. B. replaces the need for concepts of absolute poverty. C. is measured relative to the poverty line. D. is only relevant in low income countries.
Use the figure below to answer the following question.
The figure shows three supply curves for apples. If you observe the supply of apples shift from S1 to S3, which of the following could be responsible for this shift?
A. Apple production has increased. B. The producers of apples now receive a subsidy. C. The producers of apples now must pay a tax. D. Apple producers are willing to sell more at every price.