After attending a December 2008 conference on global poverty, New York Times columnist Nicholas Kristof wrote the following in his column: I'm also a believer in aid, particularly health and education interventions. But I also believe that business can raise living standards on a scale that aid never can, and that we need to focus more on building manufacturing in poor countries. How can business raise living standards in poor countries?
A. Increased business activity can increase savings by individuals and investment by firms
B. Rising incomes increase access to education and health
C. Economic growth increases incomes
D. All of the above
Answer: D. All of the above
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Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food
What is Heidi's profit as measured by an accountant for the year? A) $80,000 B) $50,000 C) $30,000 D) -$10,000
Some of the benefits of globalization include
A) increased international trade. B) greater income per person. C) lower prices for goods. D) greater product variety. E) all of the above
Ceteris paribus when technological change allows a smaller amount of a resource to be used in producing any combination of two goods, there will be:
A.) A movement along the production possibilities curve. B.) An outward shift of the production possibilities curve. C.) An inward shift of the production possibilities curve. D.) No change in the production possibilities curve.
If the reserve requirement is currently 20%, what is the maximum amount of money that could be generated from a $2,000 bank deposit?
a) $1,600 b) $2,000 c) $4,000 d) $10,000