Why did India's economic growth rate lag far behind growth rates in South Korea, Japan, and Taiwan between 1960 and 1999?
A) Indian households saved too much and spent too little.
B) Indian government officials opened the nation up to free international trade.
C) India engaged in central economic planning.
D) India has too small of a population to generate a highly specialized division of labor.
C
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Refer to Figure 18-1. Europe suffers a recession. Assuming all else remains constant, this would be represented as a movement from
A) A to D. B) A to B. C) D to A. D) B to C. E) C to D.
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.
The entire group of buyers and sellers of a particular good or service makes up:
A. the demand curve. B. the equilibrium price and quantity. C. the supply curve. D. a market.
Answer the following questions true (T) or false (F)
1. Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants. 2. Scarcity is a problem that will eventually disappear as technology advances. 3. An economic model is a simplified version of reality used to analyze real-world economic situations.