What choices do you have, both in your daily life and your long-term outlook, that are more limited in developing countries?
What will be an ideal response?
Students may at first see this question in terms of consumption, but the chapter's material should encourage them to think in terms of their career options as well. They can focus on the idea of traditional society, with its limited social mobility.
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There are three consumers in the market for playing cards: Don, John, and Ron. At a price of $2 per pack, the quantities demanded by each are 3, 2, and 1, respectively. At a price of $1.50 per pack, the quantities demanded by each are 4, 5, and 3, respectively. Which of the following is true?
a. The market demand curve for playing cards does not obey the law of demand. b. The price decrease causes the quantity demanded in this market to increase by 6. c. The price decrease causes John's demand curve to shift the most. d. At a price of $1 per pack, the quantity demanded in this market must be 20. e. Don's behavior does not obey the law of demand.
Barter was more feasible in primitive societies than in modern societies because: a. there was no inflation in primitive societies
b. there were many goods available for trade in primitive societies, so people could always find the goods that they wanted. c. specialization was limited and thus there were few goods available for trade in primitive societies. d. specialization was limited and thus there were many goods available for trade in primitive societies. e. people in primitive societies had limited wants.