The big-push strategy is thought to be effective in an LDC because it
a. is financed entirely by the private sector
b. does not rely on worker skills and technology
c. generates ready markets for each project
d. requires only short-term planning
e. is managed by international investors
C
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Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as measured by his accountant are greater than zero, then
A) he made a good move because he is earning above normal profits. B) his economic profit must be greater than zero. C) his opportunity costs must be zero. D) There is not enough information to determine his economic profit, if any.
Opportunity cost is objective; therefore, its value does not change as circumstances change
a. True b. False
Believers in public choice see government bureaucrats choosing the level of public goods based on their desire to keep their jobs
Indicate whether the statement is true or false
The Phillips Curve relationship is most closely associated with:
a. Cost-push inflation. b. Demand-pull inflation. c. Push-push inflation. d. Excessive government regulation. e. The appreciation of exchange rates for open economies that rely heavily on foreign inputs.