The high-growth Asian economies have been more open to imports than most developing countries
Indicate whether the statement is true or false
TRUE
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If an industry is a constant-cost industry
a. prices of its inputs increase even though output remains constant b. it uses inputs at higher levels of output c. prices of its inputs rise at a constant rate as it uses more inputs d. prices of its inputs remain constant as the number of firms increases e. firms in the industry experience economies of scale
If the quantity of a good supplied is not very sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).
Refer to Table 15.3. Based on the data in the table, the primary budget deficit necessary to make fiscal policy sustainable in Saldinia is ________ of GDP
A) -5.3% B) -1.1% C) 1.1% D) 6.5%
Which of the following statements best describes productive efficiency?
a. Productive efficiency occurs when as additional increments of resources are added to produce a good or service, the marginal benefit from those additional increments decline. b. Productive efficiency occurs when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service). c. Productive efficiency occurs when a country can produce a good at a lower cost in terms of other goods or when a country has a lower opportunity cost of production. d. Productive efficiency occurs when the mix of goods being produced represents the mix that society most desires.