Conditions of today's developed countries at the start of their industrialization differ from conditions in the developing world in that
a. population growth rates were higher.
b. more advanced technology was available.
c. there were more opportunities for development assistance.
d. none of the above.
D
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The above figure shows the U.S. market for wheat. With international trade, ________ is the transfer of surplus from consumers to producers
A) area B + area C B) area D C) area C + area F D) area C + area D E) area B + area C + area D
Consider a small open economy that is in equilibrium with a current account surplus
(a) Draw a diagram showing this situation. (b) Now suppose that future income increases. Show what happens in your diagram. What happens to the world real interest rate and the equilibrium quantities of saving, investment, and the current account balance? (c) Repeat parts (a) and (b) for the case of a large open economy, showing a situation in which the home country initially has a current account surplus. Draw a diagram and describe how the rise in future income in the home country affects all four variables (the world real interest rate and the equilibrium quantities of saving, investment, and the current account balance) in both countries.