International officials and business leaders have gathered to discuss free-trade policies. Outside their summit, protesters shout, "People before profit." These activists most likely align with which economic theory?
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Karl Marx's collapse of capitalism
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Adam Smith would most likely oppose a plan for
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government bailouts for failing corporations
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The smallest, most local type of economy is a
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traditional economy
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Which of the following describes a developing nation?
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A traditional economy with a low Human Development Index
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Why does a large industrial sector not always indicate that a nation is fully developed?
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The standard of living may not have risen with industrial growth
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Which of the following economic goals focuses on ensuring citizens' well-being even in a crisis?
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Security
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Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
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contributing to the nation's productivity
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Which of the follow is true of the trade relationship between Country A and Country B?
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Country A has a comparative advantage to Country B in producing fabric
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According to the chart, which country has the comparative advantage in oil production?
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Brazil
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The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
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Indonesia, as a developing country, has a less advanced manufacturing infrastructure.
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The United States imposes a tariff on electronics imported from China. Which would be a result?
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U.S. consumers buy more domestically made electronics
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The United States may have a tariff on cotton products from China in order to
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protect the business of the American cotton growers and manufacturers
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Globalization increases the interdependency of the world's countries. Inflation in one country would most likely
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relate to inflation in other countries
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How would a strong U.S. dollar impact the trade of grain produced in the United States?
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U.S. grain exports decrease
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Which of these is a sign of inflation?
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A positive number for the Consumer Price Index shows prices are rising
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A low inflation rate is preferred because
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low inflation indicates steady growth
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If the Consumer Price Index rises then
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inflation is occurring
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Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which of the following is true of most of the negotiating countries?
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They have access to the ocean.
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