Which of the following statements is true about the trends in the flow of international trade witnessed in India since its independence?
a. Trade liberalization was unable to boost India's economy in the first few decades of independence.
b. Indian software exports now reflect an annual growth rate of an impressive 55 percent.
c. The opening of trade and modern telecommunications allowed India's production set to expand and gain comparative advantage in software.
d. Trade has enabled Indian engineers to command higher wages than most other nations specializing in software.
C
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The marginal propensity to save is defined as
A) the change in saving divided by the change in disposable income. B) disposable income divided by saving. C) the change in disposable income divided by the change in saving. D) saving divided by disposable income.
Which of the following is FALSE with respect to regulation?
A) Regulated firms commonly try to avoid the effects of regulation whenever they can. B) Firms engage in creative responses which conform to the letter of the law but undermine its spirit. C) Regulation has resulted in state laws that have made creative response illegal in many states. D) Recent regulations have generated feedback effects that undermined the key aim of the rules.
When workers expect more inflation than actually occurs:
a. the Phillips curve becomes vertical. b. the long-run Phillips curve shifts to the right. c. the short-run Phillips curve shifts to the left. d. there will be a movement down the short-run Phillips curve. e. there will be a movement up the short-run Phillips curve.
Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30. b. It is approximately 1.60. c. It is approximately 1.00. d. It is approximately 0.45. e. It is approximately 6.10.