A suggested policy for industrially advanced countries to adopt to encourage economic growth in developing countries would be:
A. Cutting debt relief for DVCs
B. Directing foreign aid to the more affluent DVCs
C. Restricting immigration of low-skilled workers from DVCs
D. Reducing tariffs and import quotas on labor-intensive products
D. Reducing tariffs and import quotas on labor-intensive products
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You spend $20 on a lottery ticket instead of buying groceries. The $20 spent on the lottery ticket represents an ________ and the forgone groceries represent an ________
A) explicit cost; explicit cost B) implicit cost; explicit cost C) explicit cost; implicit cost D) implicit cost; implicit cost
Most economists reject the theory of rational expectations because
a. expectations adjust very quickly. b. workers receive wage increases in advance of inflation. c. the short-run aggregate supply curve is vertical. d. labor contracts tend to embody past inflation rates.