(Consider This) North Korea's command economy:
A. is one of the few remaining command economies.
B. has grown much faster than South Korea's economy since the two countries were divided
after World War II.
C. produces a per capita GDP of nearly $25,000.
D. has undergone significant market reforms and is now one of the fastest-growing
economies.
Answer: A
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The externality associated with technology spillovers
a. cannot be internalized by government. b. is a negative externality. c. can be internalized, potentially, through taxation of firms that are responsible for technology spillovers. d. can be internalized, potentially, through patent protection.
Automatic stabilizers in the economy include which of the following?
i. A progressive personal income tax. ii. Unemployment benefit/allowance. iii. Government action that increases tax rates. (a) i only. (b) i, ii and iii. (c) iii only. (d) i and ii only.
The number of people unemployed and employed equals the
A. participation rate. B. labor force. C. employment rate. D. working-age population.
Exhibit 6-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $ 0 1 100 50 2 100 84 3 100 108 4 100 127 5 100 150 As shown in Exhibit 6-9, the total cost of producing 4 units is:
A. zero. B. $227. C. $250. D. $100.