If Jorge is temporarily absent from his regular job because of an industrial dispute, the Bureau of Labor Statistics will classify him as unemployed

What is the main reason for the failure of import-substitution strategies to generate rapid economic growth?

a. Deteriorating terms of trade b. Scarce natural resources c. Inefficient allocation of resources d. Lack of self-interested behavior by entrepreneurs e. Insufficient subsidies to domestic producers

Which of the following is not a characteristic of a competitive price-searcher market?

a. Each firm produces a differentiated product. b. The entry barriers are high. c. Each firm faces a downward-sloping demand curve. d. The number of firms in the market is large.