Economists would most likely suggest that advanced nations can best assist in the economic development of developing nations by:
A. Increasing the amount of military aid to strengthen the government's role in providing law and order
B. Increasing trade barriers so that less developed nations will become more self-sufficient
C. Reducing trade barriers and increasing the amount of private and public capital
D. Decreasing the amounts of private capital or foreign aid to reduce the level of neocolonialism
C. Reducing trade barriers and increasing the amount of private and public capital
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The amount of frictional unemployment depends on
A) the phase of the business cycle. B) the time of the year. C) international competition. D) demographic factors and unemployment benefits. E) Both answers A and B are correct.
The federal government's abilities to tax during war- and peace-times are constrained by
(a) the need to be re-elected by the voting population. (b) the interests of the non-voting population. (c) the U.S. Constitution. (d) the protected rights of state and local governments to tax.
A skilled worker is an example of:
a. unproductive resources. b. land resources. c. labor resources. d. capital resources. e. both labor and capital resources.
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. If John decides to expand based on expected value, it means that:
A. the sum of expected earnings from expanding and from not must exceed $150,000. B. his expected earnings from expansion must exceed $150,000. C. the difference in expected earnings from expanding versus not must exceed $150,000. D. the difference in expected earnings from expanding versus not must not exceed $150,000.