Which of the following would be most likely to improve the standard of living of a less-developed country?
a. development of strong labor unions
b. more foreign investment, attracted by the expectation of economic and political stability
c. adoption of trade barriers (higher tariffs and quotas)
d. widespread use of price controls to allocate goods and resources
B
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The additional amount a person is willing to pay to obtain a good or resource now rather than later is called the
a. interest rate. b. nominal price of future goods. c. inflationary premium. d. risk premium.
A country purchases $3 billion of foreign-produced goods and services and sells $2 billion dollars of domestically produced goods and services to foreign countries. It has
a. exports of $3 billion and a trade surplus of $1 billion. b. exports of $3 billion and a trade deficit of $1 billion. c. exports of $2 billion and a trade surplus of $1 billion. d. exports of $2 billion and a trade deficit of $1 billion.