Is the developing world moving toward centralized planning or free markets? Justify your answer
What will be an ideal response?
In recent years the developing world has been moving more toward free markets. The failure of central planning in many developing countries led these countries to abandon planning efforts. Central planning is being replaced with market-oriented reforms such as privatization of state-run enterprises and the elimination of price controls.
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If a country runs a trade deficit to finance increased current consumption, it will have to increase consumption in the future to pay back its borrowings
Indicate whether the statement is true or false
If a college graduate makes $10,000 more than a high school graduate, we can safely say that the education imparted in college adds $10,000 to an individual's income
a. True b. False