The World Bank's view of the effectiveness of industrial policies in East Asia is that, in general, they
A) hindered growth.
B) had little or no effect on growth.
C) encouraged growth.
D) are the main factor in the success of the East Asian economies.
E) worked in Japan and Korea, but not in the other countries.
B
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When will a decrease in aggregate demand not result in a lower inflation rate in the short run?
What will be an ideal response?
The merchandise trade balance is the value of a nation's:
a. merchandise and service exports plus merchandise and service imports. b. merchandise exports subtracted from capital inflows. c. merchandise imports subtracted from merchandise exports. d. merchandise imports plus net capital inflows.
Assume the Environmental Protection Agency imposes an excise tax on polluting firms. In which of the following situations would we expect the additional costs to be borne most heavily by consumers?
A. Demand is highly elastic and supply is highly inelastic. B. Demand and supply are both highly elastic. C. Demand and supply are both highly inelastic. D. Demand is highly inelastic and supply is highly elastic.
Microsoft hires marketing and sales specialists to decide what prices it should set for its products, whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, does not. Why is this so?
A) because Microsoft is large enough to hire the best people in the field B) because Microsoft could potentially lose sales if it sets prices indiscriminately C) because the wealthy corn farmer is a price maker who sets his price independently of the market price, but Microsoft's optimal output depends on the price it selects D) because unlike Microsoft, the wealthy corn farmer is probably a monopolist