A. income elastic
B. income inelastic
C. Price elastic
D. Price inelastic
A. The less mobile the country’s resources
B. The more mobile the country’s resources
C. The lower the country’s initial living standard
The higher the country’s initial living standard
A. absolute poverty
B. economic growth
C. relative poverty
D. standard of living
A. There will be equilibrium in the labour market
B. There will excess demand in the labour market
C. There will be excess supply in the labour market
D. More people will be employed
A. The marginal utility per dollar spent on each good is the same
B. The marginal rate of substitution between goods is equal to the ratio of the prices between goods
C. The consumer’s indifference curve is tangent to his budget constraint
D. The consumer has reached his highest indifference curve subject to his budget constraint
E. The consumer is indifferent between any two points on his budget constraint
A. increasing returns to natural resources with a direct impact on average food consumption
B. increased urbanization and congestion
C. a higher labor force growth rate and higher unemployment
D. a working population that must support a large number of dependents
A. a lack of substitutes for oil
B. similar cost schedules for member countries
C. highly inelastic world demand curve for oil
D. economic recession for oil importing nations