Which of the following countries had the highest growth rate over about the last 100 years?
a. Japan
b. China
c. Germany
d. United States
a
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In the past half century, the developing countries have experienced major compositional shifts from exports of primary products (including agricultural and raw materials) to exports of manufactures
How might you explain this in terms of broad historical developments during this period?
The amount by which actual output falls short of potential output is called: a. a deadweight loss
b. real GDP. c. a recessionary gap. d. the full-employment output. e. an expansionary gap.
The demand curve faced by a monopolistically competitive firm
a. is the same as the market demand curve b. is less elastic than the one faced by firms in perfect competition c. is perfectly elastic d. is perfectly inelastic e. has a constant slope
The form of contracting used throughout much of Asia:
a. relational contracting b. civil law c. criminalizing civil offenses d. common law e. all of the above