The ________ is defined as the ratio of the dollar price of a basket of goods and services in the U.S., divided by the dollar price of the same basket of goods and services in a foreign county

The tragedy of the commons is a widely used model often referred to in discussions about

a. space and ocean exploration. b. lack of scientific research. c. air and water pollution. d. shared natural resources.

Which of the following would be most likely to improve the standard of living of a less-developed country?

a. development of strong labor unions b. more foreign investment, attracted by the expectation of economic and political stability c. adoption of trade barriers (higher tariffs and quotas) d. widespread use of price controls to allocate goods and resources