When did the Republic of Korea change its economic policies?
What will be an ideal response?
The 1960s
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In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $18,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. decreased; increased B. increased; increased C. increased; decreased D. decreased; decreased
An open economy refers to an economy with
A) no trade barriers. B) unrestricted immigration. C) no government intervention. D) international trade.
Refer to the scenario above. If Alice values fairness, ________
A) she will not accept any offer made by Robert B) Robert should make the lowest possible offer to Alice C) she will accept the offer when Robert offers $250 D) Robert should not play the game
The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. The sales tax on anti-freeze decreases the quantity of anti-freeze that automobile owners purchase by
A) 0 gallons. B) 1000 gallons. C) 2000 gallons. D) 3000 gallons.