At the end of the Korean War, South Korea was one of the poorest countries in the world. Fifty years later, it is now considered a developed country. Which of the following phenomena is most likely to explain South Korea's development over the last 50 years?
A. Brain drain
B. Infrastructure investment
C. Increased competition for investment among developing countries
D. Credentialism
Answer: B
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Economists use models in order to
A. get around having to deal with actual facts. B. understand real-life events and predict outcomes. C. avoid having to use theories to understand economic conditions. D. help elect political candidates.
Based on the Saving-Investment Diagram, the difference between values H and E could measure the net capital inflow, if ________
A) the difference between values H and D measures the trade surplus B) the domestic real interest rate is indicated by A C) desired saving has increased D) desired investment has decreased E) none of the above
When the price of a commodity falls, we can expect
a. total utility will fall. b. marginal utility of the last unit purchased will fall. c. marginal utility of the last unit purchased will rise. d. purchases will fall because of a change in marginal utility.
During inflationary periods, consumers will
A. increase their time taken to search for the lowest prices of goods. B. may purchase goods when they need them. C. stick to one store. D. will save more of their income.