The Industrial Revolution in England in large was the result of
A) growth in human capital.
B) technological innovations encouraged by the patent system.
C) population growth.
D) technological innovations that were financed mainly by government spending.
B
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Realizing the problems with import substitution, some Asian countries have instead:
A. supported export-led growth. B. become isolationist, like North Korea. C. practiced contractionary monetary policy. D. worked to maintain a fixed exchange rate.
China's strategy of breaking the vicious circle of poverty focused on
a. transforming itself into a market-based economy b. reducing the resources devoted to infrastructure development c. refusing to trade with foreign countries d. reducing population growth by stringent restrictions on family size e. developing more traditional and labor-using production techniques
A potential negative effect of advertising for society is that it can:
A. Be the major cause of price wars among firms in the industry B. Reduce mutual interdependence and increase competition C. Be self-canceling and contribute to economic inefficiency D. Lower barriers to entry and undermine profits in the industry
In the early post-war years, the Fed was reluctant to continue its wartime agreement with the Treasury because it believed the result would be
A) recession. B) inflation. C) higher taxes. D) lower taxes.