The difference, in terms of economic goals, between developing countries and developed countries is that:
A. developing countries focus primarily on achieving an equitable distribution of income, while developed countries focus on higher economic growth rates.
B. there are no differences between the economic goals of developing and developed countries.
C. developing countries focus primarily on achieving economic stability, while developed countries focus on an acceptable growth rate.
D. developing countries focus primarily on meeting basic needs, while developed countries focus on economic stability.
Answer: D
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If people stand to produce at lower cost when specializing and producing in larger quantities
a. they cannot gain from trade because each one is just as potentially productive as another. b. they cannot gain from trade because most people's wants can be easily satisfied with what they can produce themselves. c. they cannot gain from trade if they have similar tastes. d. they can gain from trade by specializing and increasing productivity.
In the above figure, the average fixed cost curve is curve
A) A. B) B. C) C. D) D.
A computer programmer working in India relocates to the United States. This is an example of
A. cross-border trade. B. international outsourcing. C. factor intensity reversal. D. factor mobility.
Assume that maximum feasible hourly productions levels if all resources are utilized in the United States are either 3 yards of fabric or 9 bushels of wheat. Maximum feasible production levels if all resources are utilized in Japan are either 6 yards of fabric or 12 bushels of wheat. Based on this information
A. both nations will gain from specialization and trade, with the United States exporting wheat and Japan exporting fabric. B. Japan should specialize in both products. C. the United States will benefit from trading but Japan will not. D. beneficial trade is absolutely impossible between the two countries.