During the Great Depression in the 1930s, world prices of most primary products plummeted. This caused many countries to turn toward
A. exporting agricultural goods.
B. exporting manufactured goods.
C. import-substituting industrialization.
D. importing manufactured goods.
Answer: C
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Suppose the demand for a product is lnQxd = 10 ? ln Px, then product x is:
A. inelastic. B. elastic. C. unitary elastic. D. Cannot be determined without more information.
Best National Bank operates with a 20 percent required reserve ratio, but has substantial excess reserves. One day a depositor withdraws $500 from his or her checking account at this bank. As a result, the bank's excess reserves:
A. fall by $500. B. fall by $400. C. rise by $100. D. rise by $500.
The market system's answer to the fundamental question "What will be produced?" is essentially:
A. "Goods and services that are profitable." B. "Low-cost goods and services." C. "Goods and services that can be produced using large amounts of capital." D. "Goods and services that possess lasting value."
The quantity of labor supplied increases as the real wage rises because
A) higher real wages mean that nominal wages have increased. B) the opportunity cost of working increases. C) the quantity of labor demanded increases. D) labor force participation decreases so that only serious workers are left in the labor force. E) the opportunity cost of leisure rises.