Discuss the BRAC model and evaluate its performance in achieving the goals of economic development? Can this model be replicated in other countries?
What will be an ideal response?
Detailed in the case study at the end of the chapter.
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A contractionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant
A) left; output and increasing interest rates B) left; both real output and interest rates C) right; both interest rates and real output D) right; interest rates and increasing real output
All of the following are assumptions of both market and public-sector decision making EXCEPT
A) Decisions are based on majority rule. B) Decisions are motivated by individuals' self-interest. C) Opportunity costs exist in decisions. D) Choices reflect incentives faced by decision makers.
An increase in expected inflation shifts
a. the long-run Phillips curve right. b. the short-run Phillips curve right. c. neither the short-run nor long-run Phillips curve right. d. both the short-run and long-run Phillips curve right.
Which statement is true?
A. The United States has a larger national output than any other country in the world. B. We have had recessions about every three years since World War II. C. There were no recessions while Ronald Reagan was president. D. None of the statements are true.