Explain the reasons for the economic "miracle" of the East Asian countries between 1960 and 1997. Is it only because of the common Asian practice of industrial policy and business-government cooperation?
What will be an ideal response?
Students should emphasize high rates of savings and investment, rapidly improving educational levels among the work force, and a high degree of openness to and integration with world markets.
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Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Which of the following statements can be said of Country A? Country A:
A. has the comparative advantage in car production only.
B. has the comparative advantage in truck production only.
C. has the comparative advantage in car and truck production.
D. does not possess the comparative advantage in either good.
You are thinking of buying a 10-year bond on the secondary bond market. The face value of the bond is $10,000 . the interest rate is 5 percent (0.05) per year, and the bond was issued exactly eight years ago. What is the value of the bond today?
a. $5,295.43 b. $9,070.30 c. $10,000.00 d. $20,000.00 e. $100,000.00
What is meant by human capital and how can it be used to promote economic growth?
What will be an ideal response?
When Cody went to the physician with a sore elbow, after hearing Cody's symptoms and examining the elbow manually, Cody's physician had two options: (1) prescribe an anti-inflammatory drug and advise Cody to abstain from vigorous physical activity for a period; or (2) advise Cody to undergo a magnetic resonance imaging (MRI) exam, a costly diagnostic procedure. Which of the following physicians is more likely to recommend option 1?
A. A physician who is not concerned about the marginal cost of an MRI. B. A physician who is part of an HMO. C. All physicians would recommend option 1. D. A physician who is compensated under a conventional health insurance plan.