Political instability is an obstacle to development in:
A. both market and socialist economies.
B. neither market nor socialist economies.
C. market economies.
D. socialist economies.
Answer: A
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Which of the following is a result of increased real wages in the United States?
a. a decrease in the quantity of services demanded by households b. an increase in the opportunity cost of remaining employed in the home c. a decrease in the opportunity cost of working outside the home d. a decline in the number of households providing labor outside the home e. reduced use of labor-saving devices in households
The general term elasticity refers to a relationship between
a. quantity demanded and price only b. quantity supplied and price only c. quantity supplied or demanded and price only d. quantity supplied or demanded and anything other than price e. percentage changes in any two variables