Identify at least three key factors in the high-growth Asian economies' economic success
What will be an ideal response?
These would include macroeconomic stability; strong, credible commitments to sharing economic growth across all levels of society, including an emphasis on education that helped raise productivity in the labor force; high levels of savings; an emphasis on exports but an openness to imports
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Define horizontal differentiation
What will be an ideal response?
The sale of foreign assets by a central bank accompanied by an open market purchase of securities of the same size results in:
A) a reduction in the monetary base B) an increase in the monetary base C) a sterilized intervention D) an unsterilized intervention
Which curve is analogous to the monopsonist's demand curve?
A) ME B) AE C) MV D) MC
What benefits are to be gained from countries producing according to the law of comparative advantage? What if a country is absolutely more productive in all goods?