Answer the following statements true (T) or false (F)
1) The vast majority of the labor forces of the low-income DVCs are engaged in agriculture.
2) Most of the DVCs of the world are located in Western Europe.
3) DVCs tend to have permanent shortages of farm labor.
4) Most nations of the world are now IACs, not middle- and low-income DVCs.
5) The most important growth obstacle common to all DVCs is the lack of desire to increase their standards of living.
1) T
2) F
3) F
4) F
5) F
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You're called in as a consultant: Price is $24 . At a production level of 200 units, MC = MR, AFC = $6, and AVC = $16 . What do you advise this firm to do?
a. Increase output. b. Decrease output. c. Shut down operations. d. Stay at 200 units; the firm is earning $400 profit. e. Stay at 200 units; the firm is minimizing losses of $200.
In a floating exchange rate system, the capital account balance equals the negative of the current account balance.
Answer the following statement true (T) or false (F)
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Which of the following is considered a renewable natural resource?
A. Natural gas. B. Copper. C. Solar power. D. Coal.