Trends in economic growth of South Korea have been significantly different from the trends in economic growth of North Korea. This is primarily because
A) North Korea has inclusive institutions while South Korea has extractive institutions.
B) quality of agricultural land is better in North Korea than in South Korea.
C) quality of agricultural land is better in South Korea than in North Korea.
D) South Korea has inclusive institutions while North Korea has extractive institutions.
D
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Assuming everyone wants to advance their interests in an effective way is an assumption of
A) capitalism. B) economic theory. C) government. D) selfishness.
Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations