The reversal of fortune can be attributed to the fact that:
A) economic institutions in European colonies were inclusive in all nations.
B) economic institutions in European colonies were extractive in prosperous nations and inclusive in other nations.
C) economic institutions in European colonies were extractive in all nations.
D) economic institutions in European colonies were inclusive in prosperous nations and extractive in other nations.
B
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The price elasticity of demand is equal to the ________ in the ________ divided by the ________ in the ________
A) percentage change; price; percentage change; quantity demanded B) change; price; change; quantity demanded C) percentage change; quantity demanded; percentage change; price D) change; quantity demanded; change; price
According to the information contained in the table, Brazil has an absolute advantage in
A. coffee, while Columbia has an absolute advantage in hot dogs.
B. both coffee and hot dogs.
C. neither coffee nor hot dogs.
D. hot dogs, while Columbia has an absolute advantage in coffee.
In the graph shown above, if market price were $23 there would be
A. a surplus.
B. a shortage.
C. a surplus and a shortage.
D. neither a surplus nor a shortage.
The international investment position of a country shows
A. its stocks of international assets and liabilities at a point in time. B. its stocks of international assets during a time period. C. its stocks of international liabilities during a time period. D. whether its current account is in deficit or surplus at a point in time.