An example of a U.S. import would be:
A. a French bottle of wine consumed by an American.
B. an Apple computer, made in the U.S., purchased by a U.S. college student who plans to study abroad in France.
C. a bushel of apples that Canadians pick and enjoy during a lovely fall day in Vermont.
D. an Apple computer, made in the U.S., purchased by a French student.
A. a French bottle of wine consumed by an American.
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A reason why many of the third world countries are not achieving an increase in their standard of living is that they
A) don't have a strong central government. B) don't have strong military power to force people to work harder. C) don't have social institutions with a strong rule of law and economic freedom. D) strongly encouraged international trade. E) don't have enough natural resources.
Economic growth is the result of all of the following EXCEPT
A) technological change. B) capital accumulation. C) opportunity cost. D) investment in human capital.