Japan, Singapore, and Taiwan have all:
A. imitated South Korea's export-led growth policy and failed.
B. had success with import substitution policy.
C. had success with export-led growth policy.
D. imitated South Korea's import substitution policy and failed.
Answer: C
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The two most important American business cycle events of the twentieth century were
A) the Great Depression and stagflation. B) World War II and the Great Depression. C) the productivity slowdown and the Great Depression. D) government budget deficits and World War II.
Given a production possibility curve for good X (on the x-axis) and good Y (on the y-axis), the opportunity cost of increasing good X is greatest when the slope of the production possibility curve is:
A. 6. B. 4. C. ?6. D. ?4.
The South's post-Civil War backwardness was due to all of the following except
(a) extensive wartime destruction of life and property. (b) the fiscal disaster of the Confederacy, whereby nine tenths of the state banks in the South vanished. (c) the price of cotton was increasing, as it had prior to the Civil War, thus keeping cotton profitable and discouraging investors in the South from developing a modern manufacturing system. (d) the failure of the sharecropping system to provide incentives for innovation and progress in agriculture.
The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
a. Employment agencies b. Product markets c. Resource markets d. Business firms