South Korea used an inward-oriented development strategy to focus on the growth of exports
a. True
b. False
Indicate whether the statement is true or false
False
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The "policy ineffectiveness proposition" of the new classical attack on policy activism is based on the idea that
A) people will anticipate policy changes particularly those based on a feedback rule. B) people will anticipate the effects of policy changes and act to offset these effects. C) Both A and B are correct. D) None of the above is correct.
Firms that face capacity constraints can only increase output only up to the capacity, but no further. Therefore, firms
a. Should price to capacity as long as MR > MC b. Should price to capacity as long as MR = MC c. Should price to capacity as long as MR < MC d. Should not take capacity into consideration in pricing decisions
Attaining higher and higher levels of air cleanliness causes
A) additional costs to rise to increasingly high levels.
B) larger and larger increases in per capita incomes.
C) additional costs to fall to lower and lower levels.
D) larger and larger marginal benefits to society.
Suppose a firm experiences lower average costs whenever output increases in the long run. Then we would expect the firm to have:
A. a U-shaped long-run average cost curve. B. an L-shaped long-run average cost curve. C. a long-run average cost curve that always decreases. D. a minimum efficient scale relatively close to the origin.