In the above figure, which point represents an economy which is at the peak part of a business cycle?

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.

The quantity theory of money and prices

A) is derived from the equation of exchange assuming that prices remain constant. B) shows how a change in the price level leads to a change in the money supply. C) shows how the demand for money is inversely related to the price level. D) is the hypothesis that changes in the money supply leads to proportional changes in the price level.