Developing-country governments were attracted to planning by the positive example of
a. Great Britain during the 1980s
b. The United States during the 1790s
c. Japan during the 1870s
d. The Soviet Union during the 1950s
e. all of the above
D
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All of the following are assumptions of monopolistic competition EXCEPT
A) many buyers and sellers. B) homogeneous product. C) easy entry of new firms in the long run. D) profit-maximizing behavior.
Under a progressive tax system, the tax rate increases as income increases
a. True b. False Indicate whether the statement is true or false
Which of the following would move the economy down and to the right along a short run Phillips Curve? a. Increases in the required reserve ratio by the Fed
b. Increases in taxes by the federal government. c. Increases in the interest rate that the Fed pays on bank reserves. d. All of the above.
All other things being equal, in the absence of public policy, an economy producing more than its sustainable capacity will eventually
a) reduce its long run capacity by wearing out its capital and depleting its natural resources b) increase its long run capacity to meet the demand c) experience wage and price increases and cutbacks in supply until output is at capacity d) export the excess output to other countries e) exhibit improved technology