Question 1

The bulk of exports from industrial countries are

Accepted Answer

A) manufactured goods 
B) primary products 
C) agricultural goods 
D) raw materials 
E) raw sugar products 
A) manufactured goods 
B) primary products 
C) agricultural goods 
D) raw materials 
E) raw sugar products

Question 2

The yardstick most often used to compare living standards across nations is

Accepted Answer

A) average production cost per unit 
B) sales revenue per month 
C) utility per capita 
D) GDP per person 
E) imports per year 
A) average production cost per unit 
B) sales revenue per month 
C) utility per capita 
D) GDP per person 
E) imports per year

Question 3

Labor productivity depends on the

Accepted Answer

A) quality of the labor 
B) the amount of capital 
C) the amount of natural resources 
D) the amount of other inputs,such as technology 
E) All of the answers are correct 
A) quality of the labor 
B) the amount of capital 
C) the amount of natural resources 
D) the amount of other inputs,such as technology 
E) All of the answers are correct

Question 4

Industrial market countries are also referred to as

Accepted Answer

A) developing countries 
B) low-income economies 
C) middle-income economies 
D) transitional economies 
E) high-income economies 
A) developing countries 
B) low-income economies 
C) middle-income economies 
D) transitional economies 
E) high-income economies

Question 5

Privatization requires

Accepted Answer

A) transparency 
B) the training of competent managers 
C) the installation of adequate facilities for transportation 
D) All of the answers are correct 
E) None of the answers is correct 
A) transparency 
B) the training of competent managers 
C) the installation of adequate facilities for transportation 
D) All of the answers are correct 
E) None of the answers is correct

Question 6

Which of the following resources is necessary in order to combine efficiently the other resources to produce goods and services?

Accepted Answer

A) natural resources 
B) capital 
C) labor 
D) entrepreneurial ability 
E) financial institutions 
A) natural resources 
B) capital 
C) labor 
D) entrepreneurial ability 
E) financial institutions

Question 7

The country of Excludania can discourage foreign investment by

Accepted Answer

A) requiring foreign investors to find a local partner who must be granted controlling interest 
B) setting different exchange rates for different categories of transactions 
C) heavily restricting private international borrowing and lending 
D) All the answers are correct 
E) None of the answers is correct 
A) requiring foreign investors to find a local partner who must be granted controlling interest 
B) setting different exchange rates for different categories of transactions 
C) heavily restricting private international borrowing and lending 
D) All the answers are correct 
E) None of the answers is correct

Question 8

Unemployment is measured primarily in urban areas because in rural areas farm work is usually an outlet for labor.

Accepted Answer

A) True 
 B)False

Question 9

If Eddie Li is a skilled worker employed in a low-skill job,he is

Accepted Answer

A) underemployed 
B) unemployed 
C) overemployed 
D) fully employed 
E) All the answers are correct 
A) underemployed 
B) unemployed 
C) overemployed 
D) fully employed 
E) All the answers are correct

Question 10

Any international transfer made on concessional terms for the purposes of promoting economic development is

Accepted Answer

A) foreign aid 
B) first aid 
C) immigration 
D) private investment 
E) remittances 
A) foreign aid 
B) first aid 
C) immigration 
D) private investment 
E) remittances

Question 11

The bulk of exports from non-industrial countries are

Accepted Answer

A) manufactured goods 
B) primary products 
C) agricultural goods 
D) natural resources 
E) raw sugar products 
A) manufactured goods 
B) primary products 
C) agricultural goods 
D) natural resources 
E) raw sugar products

Question 12

Developing countries

Accepted Answer

A) do not benefit from foreign aid 
B) do not benefit from private investment 
C) generate less than half of their annual flow of foreign exchange from exports 
D) must acquire foreign exchange in order to pay for imports 
E) need to decrease labor productivity 
A) do not benefit from foreign aid 
B) do not benefit from private investment 
C) generate less than half of their annual flow of foreign exchange from exports 
D) must acquire foreign exchange in order to pay for imports 
E) need to decrease labor productivity

Question 13

The country of Bananaland has an abundant supply of banana trees and therefore must be a modern industrial economy.

Accepted Answer

A) True 
 B)False

Question 14

On average,about half the labor force in developing countries works in agriculture,versus only about 3 percent in industrial market countries.

Accepted Answer

A) True 
 B)False

Question 15

In a system of impersonal exchange,

Accepted Answer

A) bureaucratic ties on the production side are critical 
B) the economy benefits from specialization and modern technology 
C) inside connections on the consumption side are necessary 
D) successful institutional evolution makes no difference 
E) there is very little division of labor 
A) bureaucratic ties on the production side are critical 
B) the economy benefits from specialization and modern technology 
C) inside connections on the consumption side are necessary 
D) successful institutional evolution makes no difference 
E) there is very little division of labor

Question 16

Developing countries must confront industrial countries' trade restrictions,such as tariffs and quotas.

Accepted Answer

A) True 
 B)False

Question 17

There is a tremendous range in productive performance around the world.

Accepted Answer

A) True 
 B)False

Exam 21: Economic Development

The bulk of exports from industrial countries are

The yardstick most often used to compare living standards across nations is

Labor productivity depends on the

Industrial market countries are also referred to as

Privatization requires

Which of the following resources is necessary in order to combine efficiently the other resources to produce goods and services?

The country of Excludania can discourage foreign investment by

Unemployment is measured primarily in urban areas because in rural areas farm work is usually an outlet for labor.

If Eddie Li is a skilled worker employed in a low-skill job,he is

Any international transfer made on concessional terms for the purposes of promoting economic development is

The bulk of exports from non-industrial countries are

Developing countries

The country of Bananaland has an abundant supply of banana trees and therefore must be a modern industrial economy.

On average,about half the labor force in developing countries works in agriculture,versus only about 3 percent in industrial market countries.

In a system of impersonal exchange,

Developing countries must confront industrial countries' trade restrictions,such as tariffs and quotas.

There is a tremendous range in productive performance around the world.

The Art and Science of Economic Analysis

Economic Tools and Economics Systems

Economic Decision Makers

Demand, supply, and Markets

Introduction to Macroeconomics

Tracking the Useconomy

Unemployment and Inflation

Productivity and Growth

Aaggregate Expenditure and Aggregate Demand

Baggregate Expenditure and Aggregate Demand

Aggregate Supply

Fiscal Policy

Federal Budgets and Public Policy

Money and the Financial System

Banking and the Money Supply

Monetary Theory and Policy

Macro Policy Debate: Active or Passive

International Trade

Externalities and the Environment

International Finance

understanding Graphs

National Income Accounts

The Algebra of Demand-Side Equilibrium

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