It's impossible to sustain economic growth or development in the absence of:
A. a rule of law.
B. improvements in education.
C. membership to world organizations, like the United Nations.
D. income equality.
A. a rule of law.
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The situation that exists because our unlimited wants exceed our limited resources is called ______.
a. a correlation b. an input c. a shortage d. scarcity
Which of the following is designated by point B’ in Exhibit 4?
a. Calvin has a higher opportunity cost than Wendy in cloth production.
b. By specializing in food, Wendy can produce 10 pounds of food per day.
c. Together Calvin and Wendy can produce 13 pounds of food per day.
d. Wendy has a higher opportunity cost than Calvin in food production.
Economic profit is
A. total revenue × (explicit costs - implicit costs). B. total revenue - (explicit costs - implicit costs). C. total revenue - (explicit costs + implicit costs). D. total revenue + (explicit costs + implicit costs).
If interest rates in the European Union decrease
A. the demand for euros will fall in the foreign exchange market. B. the demand for U.S. dollars will fall in the foreign exchange market. C. nothing will change in the foreign exchange market. D. the supply of U.S. dollars will fall in the foreign exchange market.