Do you think it is in the material interests of high-income countries to help low-income countries improve their economic performance? Why or why not?
What will be an ideal response?
Answers might touch on increasing the market for products in which high-income countries have a comparative advantage, reducing the dangers of regional war and terrorism, reducing international transmission of disease, and curbing international migration.
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The revenue received from the sale of an additional unit of a product
A) is called a net gain. B) is a marginal benefit to the firm. C) is called profit. D) is called gross sales.
Using the utility possibilities frontier above explain three ways that this society of two individuals can be made better off without making anyone worse off if it starts at point A
What will be an ideal response?
If Niki is willing to pay up to $5 for an ice-cream bar but she actually pays $2 for it. The consumer surplus of the ice-cream bar for Niki
A) is $2. B) is $3. C) is $7. D) cannot be determined without information about the market structure.
Which of the following will most likely result from an unanticipated decrease in aggregate supply due to unfavorable weather conditions in agricultural areas?
a. a decrease in inflation b. a decrease in unemployment c. an increase in the general level of prices d. an increase in the natural rate of unemployment