Apply what you have learned about development and development theories so speculate on the following thought experiment: What if anything might be different about today's international economic order if the Spanish had colonized North America and
the English had colonized South America?
You may wish to note for students that there may be more than one correct answer.
Careful reasoning and application of the material is necessary.
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A few years ago, as oil and gas prices continued to increase, a growing number of Americans called for the United States to become less reliant on Middle-Eastern oil
Would it make sense for the United States to try to become totally self-reliant in the production of oil? Why or why not?
Suppose Arf n' Barf restaurant has a monopoly on restaurant food in a certain small town. Their rent, which is one of several fixed costs they pay whether they sell food or not, has gone up. In the short run, the Arf n' Barf should
a. pay the higher rent and increase menu prices b. pay the higher rent and leave menu prices unchanged c. pay the higher rent and lower prices d. go out of business e. shut down