As a result of the Uruguay Round, production of ________ goods increased in Asian developing countries and polluting emissions in these countries ________ as a result.
A. unskilled-labor-intensive; decreased
B. capital and skill-intensive; increased
C. capital and skill-intensive; decreased
D. unskilled-labor-intensive; increased
Answer: A
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Intraindustry trade tends to be more controversial than interindustry trade
Indicate whether the statement is true or false
Opportunity costs arise in production because
a. resources are unlimited b. resources must be shifted away from producing one good in order to produce another c. wants are limited in society d. monetary costs of inputs usually outweigh non-monetary costs e. the monetary costs of only a few resources are zero
The concept of utility is fundamental to utilitarianism and describes the
a. optimal distribution of wealth in society. b. level of satisfaction derived from a person's circumstances. c. method by which society chooses to allocate resources. d. method whereby wealth is stored.
Assume that pencils and pens are substitutes. If the price of pencils rises ceteris paribus, then we will see
A. A decrease in the demand for pens. B. A decrease in the supply of pens. C. An increase in the demand for pens. D. An increase in the supply of pens.