Over the past fifty years, convergence has generally occurred for all of the following groups of countries with the exception of
A) the five richest countries.
B) European countries.
C) the 'four tigers' in Asia.
D) OECD countries.
E) none of the above
E
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Internal markets
A) can be useful suppliers of information. B) suffer from some of the same problems that external markets suffer. C) are becoming increasingly popular. D) all of these choices.
Suppose that the United States can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude that
a. the United States has a comparative advantage in the production of cars. b. France has a comparative advantage in the production of wine. c. the United States has an absolute advantage in the production of cars. d. All of the above are correct.
International feedback effects ________________ the impact on the unemployment rate of __________________ monetary policy
A) dampen; only expansionary B) dampen; expansionary and contractionary C) amplify; only contractionary D) amplify; contractionary and expansionary
Structural stagnation cannot be treated as a normal business cycle because it:
A. is far less responsive to typical demand-side policies. B. is far less responsive to supply-side policies. C. only occurs as result of hyperinflation. D. only happens once every 30 years.