Why is it that today it is more difficult to categorize countries into the three neat groups like the one that were used in the 1960s
What will be an ideal response?
Rapid economic progress brought some developing nations closer to developed economies. Countries such as Argentina and Chile, still considered to be "developing," are often referred to as middle-income or newly
industrialized countries. Other countries, such as those in much of sub-Saharan Africa and some in South Asia, have stagnated and fallen so far behind the economic advances of the rest of the world that the term Fourth World has been used to describe them. China and India, while usually labeled developing countries, are fast becoming economic superpowers.
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Which of the following are correct statements about implicit and explicit costs?
i. Normal profit is an implicit cost. ii. Economic depreciation is an explicit cost. iii. Wages are an explicit cost. A) ii and iii B) i and iii C) iii only D) i, ii, and iii E) i only
Supply-side theory suggests that
A) aggregate supply does not depend on labor productivity. B) increased government spending does not increase aggregate demand. C) lower tax rates may not reduce overall tax revenues. D) increased labor productivity may not increase real output.
An increase in the supply of loanable funds will ___________ interest rates.
A. raise B. lower C. not effect
Use the information provided in Table 7.1 below to answer the question(s) that follow.
Table 7.1Inputs Required to Produce a Product Using Alternative Technologies 
Refer to Table 7.1. Which technology is the most capital intensive?
A. A B. B C. C D. D