One thing that the Asian Tigers did to become extremely successful was to
a. build an expert workforce by paying well for highly skilled labor.
b. create industries to serve domestic markets.
c. integrate with wealthy international markets.
d. put more emphasis on self-reliance.
c. integrate with wealthy international markets.
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The value of the price elasticity of supply depends primarily on how quickly firms can acquire inputs to increase quantity supplied when price increases
Indicate whether the statement is true or false
Eisenhower's conservative policies were characterized by budget surpluses that produced further declines in price levels
Indicate whether the statement is true or false
Which of the following best illustrates the concept of "derived demand"? a. An increase in the wages of autoworkers leads to an increase in the demand for robots in automobile factories. b. An auto firm decides to supply more minivans when there is a decrease in the demand for station wagons. c. An increase in the price of gasoline leads to an increase in the demand for small cars
d. An automobile firm faces an increase in the demand for cars it supplies to the market, which leads to an increase in the demand for autoworkers.
Which of the following is most likely to be a fixed input in the short run for Joe's Garage?
a. the grease used to lubricate cars b. the part-time labor employed to repair cars c. the inventory of replacement parts d. the electricity used to heat and light the garage e. the garage used to repair cars