Which of the following characteristics is generally representative of developed countries relative to developing nations?
A. a shorter life expectancy
B. a smaller percentage of the population working in agriculture
C. a higher rate of infant mortality
D. a smaller percentage of children enrolled in college
Answer: B
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During World War II, prisoners of war used ________ as money
A) chocolate B) cigarettes C) bullets D) cowrie shells
After eating six chocolate candy bars in ten minutes, Mia says, "You would have to pay me to eat another chocolate candy bar!" This statement best illustrates
a. the law of demand. b. the substitutability among goods. c. the law of diminishing marginal utility. d. that chocolate candy bars are an inferior good.
Western Union's role in foreign-exchange trading is best described as ________.
A) setting a fair exchange rate in multiple currencies B) transferring currency from one country to another C) transferring Mexican pesos from the United States to Mexico D) handling all money transfers that occur between North an
In the short-run, following the opening of trade
A. groups tied to declining sectors of the economy will suffer from lower returns. B. workers will suffer from lower wages, but landowners will benefit from higher rents. C. workers in the country can change jobs but will receive the same wage. D. gross output remains constant.