Openness and change in the economic models of India and China have meant for the world economy all of the following EXCEPT
A) hundreds of millions of people have escaped poverty.
B) many manufactured goods and services have become cheaper.
C) forced some firms to downsize, offshore or otherwise change business practices.
D) increased the market power of firms in industrialized countries as they gained most from this evolving trade.
D
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Refer to Figure 2-4. Consider the following movements:
a. from point V to point W b. from point W to point Y c. from point Y to point Z Which of the movements listed above represents advancements in technology with respect to only plastic production? A) a, b, and c B) b and c only C) b only D) c only
In the two-period model with asymmetric information, the presence of bad borrowers who always default
A) makes good borrowers better off. B) matters only for the loan interest rate faced by bad borrowers. C) affects the equilibrium profits of banks. D) affects good borrowers adversely.
The provision of an education in public school is
A) exclusive and rival. B) exclusive and non-rival. C) nonexclusive and non-rival. D) nonexclusive and rival. E) a public good, regardless of exclusivity and rivalness.
The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy