What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism.
b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read).
c. They all became part of the First World.
d. They became the most technologically advanced countries in the world.
e. They underwent the process of opening their economies and experienced rapid economic growth.
e
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The circular flow model is an abstract representation of the interaction between households and firms through the institutions of
a. government and financing outlets b. church and state c. property and law d. resource and product markets e. trade and conflict
Which of the following is correct?
A. Policy lags are normally much shorter for fiscal policy than for monetary policy. B. Congress usually makes major fiscal policy changes in a fairly short period of time. C. Expenditure lags are much longer for investment, the main way in which monetary policy affects aggregate demand. D. Monetary policy affects aggregate demand more quickly than fiscal policy, such as tax or government spending changes.
If the rate of growth in the money supply is predetermined on the basis of a monetary rule, this is known as
A. active policymaking. B. direct policymaking. C. passive policymaking. D. fiscal policymaking.
A kinked demand curve
a. results from the heavy advertising expense required. b. occurs because, when one seller lowers the price, no one else will do so. c. is a basic characteristic of monopolistic competition markets. d. tends to be inelastic for price decreases and elastic for price increases.