Which of the following is not a problem in the People's Republic of China following the economy's rapid growth?
A. income inequality
B. labor issues
C. lack of potential for foreign trade because of China's comparative advantage in the production of all goods
D. pollution
Answer: C
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The world price of a good is determined by the
A. worldwide demand and supply of that good. B. demand for that good in the world market. C. supply of that good in the world market. D. country that produces the good.
The lower the price of the good measured on the vertical axis, other thing remaining the same, the flatter the budget line
Indicate whether the statement is true or false
Fixed exchange rates are fixed by
a. international speculators who manipulate the world's currencies. b. international demand and supply. c. national governments. d. All of the above are correct.
A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.