Some international negotiations have been characterized as pitting rich nations against poor ones, yet often the countries we call developing are not all on the same side of an issue
What are some differences among developing countries that may account for this lack of harmony?
The last tables in the chapter provide clues to this question. Developing countries range from very poor to relatively well off, from depending largely on agriculture to being more industrial, and exhibiting a range of reliance on foreign trade. These alone can account for significant differences of interests among them.
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The medium of exchange is defined as
A) an object that is accepted in return for goods and services. B) the exchange of goods and services directly for goods and services. C) an item that can be stored and hold its value over time. D) credit cards. E) barter.
Under conditions of perfect competition, profits can get squeezed out because of a
a. rising ATC curve. b. higher AR curve. c. higher MR curve. d. lower ATC curve.
The price elasticity of demand for a product is a measure of the:
a. extent of competition in the market for the product. b. change in the quantity purchased of the product relative to a change in a consumer's income. c. change in the quantity demanded of the product due to changes in factors other than price. d. degree of consumer responsiveness to changes in the price of the product. e. percentage change in the prices of two related products.
Firms will only adopt more automated methods of production when
a. they reduce the need for workers. b. they lower production costs. c. they lengthen the production process. d. other firms in the industry are doing it.