The growth successes of the high performance Asian economies
A) supports the belief that economic development requires import substitution policies.
B) rejects the belief that export-oriented industrialization is likely to promote economic development.
C) rejects the belief that economic development requires import substitution policies.
D) suggests that free trade policies are required for successful economic development.
E) enforces United States' hesitation to trade with developing countries.
C
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An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is
A) zero, because the person doesn't have a job. B) the cost of bait, any other monetary expenses, and the value of the individual's wages while he was working. C) the cost of bait and any other monetary expenses. D) the cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time.
If Ford sells 200 Explorers for a total of $400,000 to Germany, while the United States imports 100 BMWs for a total of $500,000 from Germany
A) U.S. GDP increases because it sells more Explorers. B) U.S. GDP decreases because net exports are negative. C) Germany's GDP decreases. D) U.S. net exports is positive.
Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?
A) increase the variety of products that it can produce with a decrease in resources B) consume a combination of goods that lies outside its own production possibilities frontier C) produce a combination of goods that lies outside its own production possibilities frontier D) never have to engage in trade with other nations
In the market for loanable funds, the law of supply:
A. reflects that more people will choose to borrow the lower is the interest rate. B. reflects that more people will choose to save the lower is the interest rate. C. reflects that more people will choose to save the higher is the interest rate. D. reflects that more people will choose to borrow the higher is the interest rate.