________ policies seek to promote rapid industrialization by erecting high barriers to foreign goods to encourage local production,
A) Comparative advantage
B) Primary-export-led development
C) Import-substitution development
D) Outward-looking development
C
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State how each of the following affect the aggregate demand curve
a. The price level increases. b. Consumers expect higher inflation in the future. c. The exchange rate rises. d. Foreign income decreases. What will be an ideal response?
A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price
a. True b. False Indicate whether the statement is true or false
In a free market for rental housing, effective rent control would have which effect?
a. It would cause a reduction in the number of apartments. b. It would cause an increase in the number of apartments, since landlords would try to increase their profits through larger scale. c. It would have no effect on the number of apartments offered in the market. d. The results are impossible to predict.
Students who major in computer science are paid a lot more when they graduate than those who major in philosophy because
A. The derived demand for computer science majors is less than the derived demand for philosophy majors. B. The marginal revenue product for computer science majors is less than the marginal revenue product for philosophy majors. C. Information technology is a growth industry. D. The search for the meaning of life is a growth industry.