The answer is A. A command economy with a low Human Development Index. A developing country, also called a less developed country or an underdeveloped country, is a nation or a sovereign state with a less developed industrial base and a low Human Development Index (HDI) relative to other countries.
Which position would Adam Smith most likely support during a congressional debate in tax reform?
Which position would Adam Smith most likely support during a congressional debate on tax reform? Income taxes should be reduced to a minimal level and be based on ability to pay.
Which economic advantages does United States have compared to other nations?
The correct answer is A): Expansive territory, fertile farmland. The United States is one developed nation, a currency with greater power in the global financial market. The economic advantages of the country lie in the expansive territory and the fertile farmland.
Which of these would results from high inflation in the United States?
Americans would demand higher wages is the option that would result from high inflation in the United States. Explanation: In economics, inflation refers to the constant increase in the general price level of goods and services in a period of time.
Do United States can manufacture books at a much more rapid pace the manufacturer in Indonesia which of the following is a reason?
The United States can manufacture books at a much more rapid pace than manufactures in Indonesia. Which of the following is a reason? … Indonesia, as a developing country, has a less advanced manufacturing infrastructure.
Which country has the comparative advantage in oil production quizlet?
Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage. The United States has a comparative advantage over Country B in producing crude oil.
How are traditional economies like free market economies quizlet?
How are traditional economies like free-market economies? Both have no government regulation. Look at the map showing the European Union (EU) and countries with which it has free-trade agreements (FTAs). Which is the reason the EU has free-trade agreements with almost every country on the Mediterranean Sea?
Is inflation due to low production costs?
Inflation is due to low production costs. … Inflation means our money has more purchasing power. Inflation happens when there is not enough money.
Which of the following is indicative of inflation?
Typically, prices rise over time, but prices can also fall (a situation called deflation). The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households.
What factor may contribute to Saudi Arabia having a low UN human development ranking?
What factor may contribute to Saudi Arabia having a low UN Human Development ranking? Country X can cut, prepare, and export lumber using fewer worker hours than Country Y. Country Y can produce lumber but produces cars more efficiently than it produces lumber. It also produces cars more efficiently than Country X.
What are the 5 causes of inflation?
What are 3 effects of inflation?
Rising prices, known as inflation, impact the cost of living, the cost of doing business, borrowing money, mortgages, corporate, and government bond yields, and every other facet of the economy. Inflation can be both beneficial to economic recovery and, in some cases, negative.
What are the positive and negative effects of inflation?
Inflation is defined as sustained increase in the general price level in the economy over a period of time. It has overwhelmingly more negative effects for decision making in the economy and reduces purchasing power. However, one positive effect is that it prevents deflation.
Which of the following is an element of the comparative advantage principle?
Comparative advantage includes inherited resources, such as labor, climate, arable land, and petroleum reserves. … According to the comparative advantage principle, what matters most is the absolute cost of production of the product and not the relative efficiency with which a country can produce the product.
Which of the following describes an example of absolute advantage?
A clear example of a nation with an absolute advantage is Saudi Arabia, The ease with which oil is extracted which greatly reduces the cost of extraction is its absolute advantage over other nations.
Which of the following is a comparative advantage strength?
Which of the following is a comparative advantage strength? More realistic guidance to nations (and their firms) interested in trade but having no absolute advantage. It explains patterns of trade based on factor endowments.