When Japan's MITI (Ministry of International Trade and Industry) focused resources on the semiconductor industry, and in particular on Random Access Memory (RAM), it was viewed as a typically successful Japanese foray into a new dynamic strategic
sector. The results, as viewed by the late 1990s A) justified this view.
B) led to similar structuring of industrial policy in the U.S.
C) lent support to the Brander-Spencer model.
D) helped shift the focus of economists away from Japanese-style industrial policy.
E) propelled Japan into the leading country in high-tech manufacturing.
D
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What is the best inference about the impact of a decrease in transportation costs?
a. The demand and supply curves will shift out, which will increase quantities of goods. b. The supply curve will shift out, which will lead to lower prices to consumers. c. Farmers will earn a smaller share of the selling price of their crops. d. The demand curve will shift out, which will lead to higher prices and quantities of goods.
If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax
a. no matter how elastic the demand for the good is. b. only if demand is perfectly elastic. c. only if demand is perfectly inelastic. d. only if the government forbids them to raise the price of the good.
The following are features of the Asian model
a. high savings b. low shares of government c. large investments in human capital d. a, b and c are correct e. only a and c are correct
The long run is the period of time during which _____
Fill in the blank(s) with the appropriate word(s).