An example of economic dualism is a(n)
a. efficient modern farm sector alongside peasant agriculture
b. modern urban sector and a traditional, peasant-based rural sector
c. efficient export sector and an inefficient, protected import-competing sector
d. efficient private sector and an inefficient public sector
e. large, market-based sector and a smaller, home-based production sector
B
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EU widening refers to
A) legislation that restricts the sovereignty of individual countries. B) activities that cause increased levels of integration in the national economies. C) extending the boundaries of the EU to include new members. D) adding additional countries into the single currency area.
In a market economy,
a. the government primarily determines the distribution of resources b. prices determine the allocation of resources c. what society produces is what it produced in the past d. resource costs increase as specialization increases e. absolute advantage is the primary determinant of resource allocation