Rich people who have more money than they know how to spend
A) no longer act under scarcity.
B) no longer need to economize.
C) no longer have to choose to advance one project over another.
D) will still face a scarcity of their time.
D
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According to this Application, in the 1990s EU countries had ________ in the production of all products compared to Latvia
A) an absolute advantage and a comparative advantage B) neither an absolute advantage nor a comparative advantage C) an absolute advantage but not a comparative advantage D) a comparative advantage but not an absolute advantage
If prices of a nation's exported products rise in comparison to prices paid for imports, that nation experiences a:
a. rise in its international terms of trade. b. decline in its international terms of trade. c. reduction in its imports. d. reduction in its exports.