The adoption of modern technologies and business methods have the possibility to improve economic performance in a nation with low per capita income and low growth, but only if
a. its natural resources are sufficient.
b. its workers become educated rapidly enough.
c. it improves its institutions, making them sound enough to attract capital and entrepreneurial activity.
d. its government has enough skilled planners to properly deploy new capital.
C
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A fashion fad significantly increases the demand for fedora hats. Which of the following would most likely be the result?
a. The price of fedoras would plummet. b. The production of fedoras would decline. c. Sellers would discount the price of their existing supply of fedoras. d. Buyers would compete fiercely to buy a limited quantity of fedoras.
An example of human capital would be:
A. your writing skills. B. your desk. C. your computer. D. None of these is an example of human capital.
If North Korea is currently producing at efficiency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its
A. Production of nonmilitary goods will decrease. B. Production possibilities curve will shift outward. C. Production of nonmilitary goods will increase. D. Production possibilities curve will shift inward.
The IS curve represents
A) the single level of output where the goods market is in equilibrium. B) the single level of output where financial markets are in equilibrium. C) the combinations of output and the interest rate where the money market is in equilibrium. D) the combinations of output and the interest rate where the goods market is in equilibrium. E) none of the above