What results has the Republic of Korea experienced from its change in policies?
What will be an ideal response?
It has successfully industrialized. Its index of openness is many times greater and incomes have grown almost 6 percent per year over the period.
Economics
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Where the consumption function intersects the 45-degree line
A) consumption will equal only autonomous consumption. B) the average propensity to consume is 0.5. C) savings will be negative. D) saving will be zero.
Economics
A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP
a. increases by $40. b. increases by $220. c. increases by $280. d. increases by $1500.
Economics