The East Asian model's approach to foreign trade has been
a. to give major incentives to exports
b. to allow the market to determine whether firms export or import
c. to follow import substitution policies
d. to maintain state control over foreign trade operations
e. none of the above
A
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In economic terminology, the accumulated training and education that workers receive to increase their productivity is referred to as
A) entrepreneurship. B) human capital. C) labor. D) physical capital.
The fraction of deposits a bank must hold in the form of reserves is called the:
A. reserve ratio. B. currency to reserve ratio. C. excess reserve ratio. D. required reserve ratio.
A bowed production possibilities curve is consistent with
A. highly specialized resources. B. a decreasing opportunity cost. C. the overutilization of productive resources. D. a technologically inefficient society.
If a decrease in income results in a decrease in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.
A. a normal good; positive B. a normal good, negative C. an inferior good; positive D. an inferior good; negative