The standard of living in a nation depends on
A. how well the economy functions within that country.
B. whether or not its currency is adopted as the world's monetary standard.
C. how well its economy functions relative to other countries.
D. the size of the country, with larger nations always doing better than smaller ones.
Answer: A
You might also like to view...
In an oligopoly
A) there are only a few firms. B) there is no product differentiation. C) there is free entry and exit. D) firms' decisions are unrelated to each other.
At the end of the year, Ford realizes it has overproduced Fiestas, because 2,500 of them are left unsold. How is this accounted for in that year's GDP? The cars are:
A. considered durable goods, and their value will increase consumption. B. considered inventory and their value will increase investment. C. not counted until they are sold in next year's GDP. D. considered a bad thing and reduce the value of investment.
Under which market model are the conditions of entry into the market easiest?
A. Pure monopoly B. Monopolistic competition C. Pure competition D. Oligopoly
On January 2, 1971, all cigarette advertising was banned on U.S. television and radio stations. Assuming that advertising is a prisoner's dilemma, and that if one company advertises, its competitors will also choose to spend money to advertise, did this
ban likely increase or decrease the profits of cigarette companies in 1971? Briefly explain. What will be an ideal response?