In this era of globalization, one of the main reasons why some countries have remained closed to the rest of the world is:
a. the fact that their governments follow policies that explicitly work against economic integration.
b. racial discrimination.
c. the fact that their governments impose extremely high mortgage taxes.
d. the establishment of minimum wages.
e. the fact that they are too poor to trade anything with the rest of the world.
a
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Hugo consumes a certain combination of pizzas and cola. However, he can afford more of cola, given his budget constraint. Graphically, this would imply that his choice lies: a. on the budget constraint
b. within the budget constraint. c. outside the budget constraint. d. on one of the axes.
Which of following is NOT true of the equilibrium price?
A. Sellers who are willing to accept the equilibrium price can sell what they produce. B. It is fair in the sense that everyone can afford basic goods and services. C. It measures the value of the last unit sold to consumers. D. Buyers who are willing to pay the equilibrium price can acquire the good.
Rising wages can be explained by which of the following?
A. Labor supply is highly sensitive to changes in labor productivity. B. Labor demand increases more rapidly than labor supply. C. Labor demand is stable and predictable. D. Labor supply increases more rapidly than labor demand.
A change in the money wage rate shifts...
What will be an ideal response?