Country X Devoted 70 Percent of Its Resources to Consumption,while

question 15

Multiple Choice

Country X devoted 70 percent of its resources to consumption,while Country Y devoted 80 percent to consumption.Other things being equal,you can predict that

• A) Country X's opportunity cost of economic growth is lower than Country Y's.
• B) Country Y's rate of capital accumulation is higher than Country X's
• C) Country Y's economy will grow faster than Country X's.
• D) Country X's economy will grow faster than Country Y's.

Evaluate the impact of productivity differences between countries on trade opportunities.

Recognize the impact of trade policies and agreements on domestic industries and workers.

Understand the principles of specialization and comparative advantage in international trade.

Analyze the impact of tariffs, quotas, and subsidies on international trade and domestic markets.

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Definitions:

Legal System

The system of laws and regulations, including the processes by which laws are enforced and through which redress for grievances is obtained.

Individuals

Single human beings, considered separate from a group or an organization.

Property

Assets or belongings that are owned by individuals or entities and have value in an economic context, including real and personal property.

Competitive Forces

The external factors in an industry that influence the competitive environment and affect business strategies, including competition, potential new entrants, substitute products, bargaining power of suppliers, and bargaining power of customers.