The growth records of Japan and Hong Kong during the last fifty years indicate that an economy can grow rapidly without
a. securely defined property rights.
b. abundant domestic natural resources.
c. significant capital formation.
d. adopting modern technology.
B
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Which of the following statements regarding brand names in advertising is not correct?
a. Brand names provide consumers with information about quality when quality cannot be easily judged in advance of purchase. b. Brand names give firms an incentive to maintain high quality to maintain the reputation of the firm. c. Brand names allow firms to produce and sell inferior products in the long run since people will continue to purchase the brand-name product. d. Brand names can cause consumers to perceive differences in products that do not actually exist.
Etienne’s government encourages its citizens to consume almost all their incomes. What will most likely be the result of this policy?
a. fluctuating economic growth b. little economic growth c. steady economic growth d. rapid economic growth
Wealthy countries increasingly feel that trade:
A. can sometimes be a more powerful lever than aid to help poorer countries develop. B. is sometimes acting as a barrier to poorer countries' development. C. is an effective political tool to use against poorer countries. D. can help poorer countries development, but hurt their overall growth.
If entry is limited due to a limited input, firms in that market earn long run economic profit
Indicate whether the statement is true or false