Which of the following is NOT a characteristic of high-growth Asian economies?
A) stable macroeconomic policies
B) similar governments
C) credible commitments to expanding access to health care
D) the development of skilled workforces
B
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A monopolist produces in the elastic segment of its demand curve because when it lowers the price
A) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue increases. B) the percentage change increase in quantity demanded is less than the percentage change decrease in price and total revenue increases. C) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue decreases. D) the percentage change decrease in quantity demanded is less than the percentage change decrease in price and total revenue increases.
The president of a large public university proclaims, "If we can get the state government to fund our new football stadium, it will not cost us anything." Evaluate this view from an economic perspective
A criticism of market-oriented schemes says that consumers may not be well informed.
A. True B. False C. Uncertain