In the 1960 nations could be divided into three distinct groups. Discuss these three groups and offer examples of countries that fit into each of these categories
What will be an ideal response?
In the early 1960s, the nations of the world could be assigned rather easily to categories: The developed countries included most of Europe, North America, Japan, Australia, and New Zealand; the developing countries included the rest of the world. The developing nations were often referred to as the Third World to distinguish them from the Western industrialized nations (the First World) and the former Socialist bloc of Eastern European nations (the Second World).
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In Figure 5.1, the demand curve along which price elasticity of demand changes as you move along it is on graph:
A. A. B. B. C. C. D. D.
If the marginal utility of each good is constant as consumption increases, the indifference curves are
A. horizontal. B. positively sloped. C. straight lines. D. vertical.
Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. 
Figure 7.8Refer to Figure 7.8. The slope of isocost AB is
A. -1. B. 0. C. 1. D. indeterminate from this information, as the prices of capital and labor are not given.
If 6 workers can wash 42 cars a day and 7 workers can wash 50 cars a day, then the marginal product of the 7th worker equals
A) 7.1 cars a day. B) 7 cars a day. C) 42 cars a day. D) 50 cars a day. E) 8 cars a day.