Critics of the World Bank's analysis of East Asian industrial policies argue that
A) even though growth was faster in the non-targeted industries than it was in the targeted ones, the policies were essential to overall economic growth.
B) growth was faster in nearly every targeted industries than it was in the non-targeted ones.
C) even though growth was the same in the targeted industries as it was in the non-targeted ones, they would have grown slower without the policies.
D) growth was slower in the targeted industries; hence the policies did not work.
E) measurements of economic growth are invalid and cannot be used to make comparisons between industries.
C
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According to A.W. Phillips, an inverse relationship has existed between
A) the inflation rate and unemployment rate. B) the inflation rate and the money supply. C) unemployment and interest rates. D) the rate of growth of the money supply and the unemployment rate.
Suppose that candy producers create a positive externality equal to $1 per pound of candy. Further suppose that the government offers a $1-per-pound subsidy to the producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of candy?
a. The equilibrium quantity is greater than the socially optimal quantity. b. The equilibrium quantity is less than the socially optimal quantity. c. They are equal. d. There is not enough information to answer the question.