Developing countries must confront industrial countries' trade restrictions, such as tariffs and quotas
a. True
b. False
A
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In today's world markets, poor developing countries tend to rely primarily on exports of
A) agricultural products. B) primary products. C) mineral products. D) manufactured products. E) high-tech products.
You are more likely to do-it-yourself than hire a plumber to repair a leaky drain pipe
a. as the tax rate on your earned income dramatically decreases b. if the opportunity cost of your time decreases c. the less knowledge and experience in plumbing repair work that you possess d. if you already own the specialized tools required to complete the repair work e. as the transaction cost of the do-it-yourself repair work increases
The key explanation for the prevalence of waterway pollution is
a. the inclusion in production of all costs involving use of the waterway. b. that there are private costs but no costs to society. c. that waterways are not private property and can be used free of charge. d. that waterways are subject to the market's normal control procedures.
Recall the Application about productivity in the nation of Latvia in the 1990s to answer the following question(s). According to this Application, workers in the EU were more productive than workers in Latvia in the 1990s, yet despite this, EU nations chose to buy timber from Latvia. If EU governments decide to buy timber only from the EU, then:
A. its citizens will be better off while their producers will be worse off. B. its citizens and producers will be worse off. C. its citizens and producers will be better off. D. its citizens will be worse off and producers will be better off.