In the neocolonial dependence model, the world can be thought of as divided into
a. absolutionists and neorevisionists.
b. the "north" and the "south."
c. the "First World," "Second World," and "Third World."
d. producers and consumers.
e. the "center" and the "periphery."
Answer: e. the "center" and the "periphery."
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When two nations agree to lower their tariffs against each other, they engage in
a. a customs union b. a free trade union c. geographical specialization d. a reciprocal agreement e. a comparative advantage
Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be
a. $2,000. b. $2,400. c. $4,200. d. We do not have enough information to answer the question.
Oligopolists may well be able to reach their preferred, cooperative outcome if
a. the number of oligopolists is large. b. they learn that a Nash equilibrium is in their best long-term interests. c. a sufficient number of firms can be persuaded to lower their prices. d. the game they play is repeated a sufficient number of times.
When commercial banks extend loans, they are able to expand the supply of money in the United States because the U.S. has
What will be an ideal response?