Political instability is an obstacle to development in:
A. both market and socialist economies.
B. neither market nor socialist economies.
C. market economies.
D. socialist economies.
Answer: A
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Which of the following statements is true?
A) The growth rate of South Korea has been less than the growth rate of the United States over the last 40 years. B) The United States and the United Kingdom have recorded a growth rate of over 10% per annum in the last 40 years. C) The gap between the GDP per capita of the United States and Singapore has increased over the last 40 years. D) The gap between the GDP per capita of the United States and China has decreased over the last 40 years.
Describe the vicious cycle of poverty. What are the consequences of this cycle?
Suppose a society begins by producing 3 units of X and 4 units of Y and then alters production to 4 units of X and 4 units of Y. If the quantity and quality of resources and the technology being used remain unchanged, then:
a. 3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve [PPC]. b. we can conclude that the society has moved along the PPC. c. we can conclude that resources were being fully utilized at 3 units of X and 4 units of Y. d. we can conclude that resources were being efficiently utilized at 3 units of X and 4 units of Y. e. 3 units of X and 4 units of Y are a combination best represented by a point outside the PPC.
The way in which a country benefits from trade is that it can
a. obtain goods at lower opportunity cost than producing them itself. b. exploit economies of scale in production and lower the cost of goods it produces. c. obtain a wider range of goods than it can produce for itself. d. All of the above are benefits.