According to the World Bank, developing countries greatly outnumber industrial countries
a. True
b. False
Indicate whether the statement is true or false
True
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The fundamental economic problem faced by individuals is
A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.
The North American Free Trade Agreement affects trade between:
A. the United States, Cuba, and Brazil. B. the United States, Canada, and Mexico. C. the United States, Puerto Rico, and Cuba. D. Brazil, Bolivia, Peru, and Columbia.
An example of a good that is rival in consumption is:
A. an air show over the whole city. B. a floral display at a large university's graduation ceremony. C. a scientific discovery that allows florists to grow flowers to which no one is allergic. D. a Big Mac.
The cross-price elasticity of demand between good X and good Y is -0.8. Given this information, which of the following statements is true?
A. The demand for goods X and Y is income elastic. B. Goods X and Y are complements. C. The demand for goods X and Y is elastic. D. Goods X and Y are substitutes.