The World Bank is an international agency that lends money to individual countries for projects that promote economic development.
Answer the following statement true (T) or false (F)
True
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The supply curve illustrates that firms:
A. decrease the quantity supplied of a good when input prices rise. B. increase the quantity supplied of a good when its price rises. C. decrease the supply of a good when its price rises. D. increase the supply of a good when its price rises.
Imports are goods and services that are produced:
A. in other countries and consumed domestically. B. domestically and consumed in other countries. C. and consumed in other countries. D. and consumed domestically.
In the factor payments approach to GDP, owners of capital receive
a. wages b. salaries c. rent d. interest e. profit
While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth
a. True b. False Indicate whether the statement is true or false