Which of the following is not an argument in favor of export promotion over import substitution?
(a) international competition compels domestic producers to become more efficient.
(b) exposure to world markets provides greater opportunities to learn new technologies.
(c) producing for export permits greater specialization and economies of scale.
(d) outward-looking development promotes larger firms.
D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
In the Keynesian model with a variable money wage and variable price level, an increase in the money supply lead to a rise in all of the following except
a. price level. b. output. c. real wage. d. level of employment. e. all of these rise
Which of the following is an example of a focal point equilibrium?
A. Purchase of fast food because it is cheap and convenient B. Avoidance of cheap computers because low price indicates low quality C. Purchase of hip-hugger pants because pop stars wear them D. Purchase of an expensive automobile no one else owns to impress others
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.