Both ______ and _______ targeted the huge American consumer market as a way to build up their own manufacturing base.
Fill in the blank(s) with the appropriate word(s).
Japan; China
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A market in which firms can enter if they choose and exit without losing money invested is
A. pure monopoly. B. duopoly. C. contestable. D. a market where there are kinked demand curves.
Which of the following is a way to address an externality problem?
a. command and control solution b. corrective tax c. corrective subsidy d. all of the above.
If a tax is progressive, then
A. the average tax rate decreases as taxable income increases. B. the average tax rate increases as taxable income decreases. C. the average tax rate remains constant as taxable income decreases. D. the average tax rate decreases as taxable income decreases.
Comment on the statement: “Discretionary fiscal policy offers an ideal approach to dealing with the nation’s economic problems. It is without problems, criticisms, or complications.”
What will be an ideal response?