"Wants" as an economic concept includes
A) both material and nonmaterial desires.
B) only the purchase of necessary basic goods.
C) only the desire for luxury goods.
D) only goods and services that consumers need but cannot afford to buy.
Answer: A
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The race-to-the-bottom concept described in the text refers to
A) the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry. B) the situation in which human rights are not respected by trading countries. C) adopting the standards of a few selected middle-income and high-income countries. D) the use of low per-capita income as a means of comparing the well-being of individuals. E) None of the above.
Exchange rates determined by the forces of demand and supply are called
a. fixed exchange rates. b. floating exchange rates. c. equilibrium exchange rates. d. dirty exchange rates.