The locomotive theory posits that growth in one or more large countries
A. will lead smaller countries to open their economies.
B. can put pressure on their domestic import-competing firms.
C. will retard the growth of smaller countries dependent on exports.
D. can raise growth in other smaller countries that trade with these larger countries.
Answer: D
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Monica consumes only goods A and B
Suppose that her marginal utility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of A is $0.50, the price of B is $4.00, and the Monica's income is $120.00, how much of good A will she purchase? A) 0 B) 12 C) 24 D) 48 E) 120
Efficient resource allocation is defined as MC = AC.
Answer the following statement true (T) or false (F)
The face value of money or income is called its ________ value.
A. real B. marginal C. nominal D. external
Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. If $Y is the price the insurance company would charge if it expected 40% of its customers to be high-cost, the price it would charge if it expected 50% of its customers to be high-cost would be:
A. greater than $Y. B. less than $Y. C. equal to $Y. D. 50% of $Y.