Compromise between the desire to facilitate international trade and the need to give domestic governments latitude to govern their economies is called
a. economic structuralism.
b. embedded liberalism.
c. reciprocity.
d. voluntary export restraint.
b. embedded liberalism.
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What is the key idea of classical growth theory that leads to the dismal outcome?
What will be an ideal response?
If an individual's supply of labor curve is positively sloped throughout, then:
a. the substitution effect always dominates the income effect. b. the income effect always dominates the substitution effect. c. the substitution effect dominates at low real wage levels and the income effect dominates at high real wage levels. d. the income effect dominates at low real wage levels and the substitution effect dominates at high real wage levels.
In order to prosper, entrepreneurs in a market economy must
What will be an ideal response?
Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk. B) A shift to the right of the demand curve for milk. C) An increase in the number of milk suppliers. D) A decrease in the number of milk buyers.