Which of the following statements about the economic concept of land is not true?
a. Land includes forests, minerals, and other natural resources.
b. Countries that are rich in natural resources are not always successful in exploiting these resources to produce goods and services.
c. Land can be combined with labor and capital to produce goods and services.
d. Abundant natural resources are necessary for economic growth.
e. Countries that lack natural resources need not be characterized by limited economic growth.
d
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Which of the following was one of the most important achievements of the Uruguay Round of trade talks?
A) The creation of the WTO. B) The creation of the IMF. C) The creation of the World Bank. D) The creation of the GATT organization for international trade.
John Maynard Keynes's central proposition that a dollar increase in disposable income would increase consumption, but by less than the increase in disposable income, means the marginal propensity to consume (MPC) is:
a. greater than or equal to one. b. equal to one. c. less than one, but greater than zero. d. negative.