One obstacle to the adoption of the export promotion model by countries in other regions is that
A) the Uruguay Round of the GATT forbids many types of export promotion policies.
B) the Washington Consensus opposes the spread of this model.
C) research and development for new exports is too expensive.
D) only noncommercial R&D is permitted under the rules of the GATT.
E) industrial monopolies in the high-income countries will block further exports by developing countries.
A
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Arguments for adopting a policy rule include
A) the time-inconsistency problem can lead to poor economic outcomes. B) discretionary policies pursue overly expansionary monetary policies to boost employment in the short run but generate higher inflation in the long run. C) policy makers and politicians cannot be trusted. D) all of the above.
According to the reflection effect
A) people think harder about losses than about gains. B) people become more risk preferring over time. C) attitudes toward risk are reversed for gains versus loses. D) subjective probabilities on riskier outcomes are weighted heavier than on less risky outcomes.