In the 1960 nations could be divided into three distinct groups. Discuss these three groups and offer examples of countries that fit into each of these categories
What will be an ideal response?
In the early 1960s, the nations of the world could be assigned rather easily to categories: The developed countries included most of Europe, North America, Japan, Australia, and New Zealand; the developing countries included the rest of the world. The developing nations were often referred to as the Third World to distinguish them from the Western industrialized nations (the First World) and the former Socialist bloc of Eastern European nations (the Second World).
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If a firm in perfect competition is suffering a loss, it should continue to operate in the short run as long as
a. AR exceeds AVC. b. AR exceeds AFC. c. AVC exceeds AFC. d. AFC exceeds AVC.
Which of the following most likely describes economics?
a. Economics is not a form of moral instruction. b. Economics is a form of moral instruction. c. Economics seeks to describe economic behavior as it should exist. d. Economics does not seek to describe behavior.