The recent growth records of Japan and Hong Kong during the last fifty years indicate that a nation can grow rapidly without
a. securely defined property rights.
b. adopting modern technology.
c. significant capital formation.
d. abundant domestic natural resources.
D
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Refer to the figure above. If the economy of Barylia opens up to free trade, then which of the following statements is true?
A) Barylia will start importing calculators. B) Barylia will start exporting calculators. C) Domestic consumers will purchase a greater quantity of calculators than before. D) The production and purchase of calculators within Barylia will remain the same as before.
The worst recessions after World War II occurred
A) during 1945-1946 and 1973-1975. B) during 1957-1958 and 1973-1975. C) during 1973-1975 and 1981-1982. D) during 1945-1946 and 1981-1982.
The recent experience in Greece, Portugal, and Ireland make the euro
a. seem very unlikely to fail because of decreasing debt levels. b. seem very unlikely to fail because of increasing interest rates. c. seem somewhat likely to fail because of increasing debt levels. d. seem somewhat likely to fail because of increasing interest rates.
The four phases of the business cycle are
A. expansion, peak, recession, trough B. prosperity, recession, depression, recovery C. inflation, recession, stagflation, expansion D. consumption, investment, government purchases, and net exports