Measurements of TFP indicate that the East Asian success story is based on
A) a significantly different economic model from the one followed in the West.
B) unusually large amounts of innovation.
C) rapid increases in the education of the work force.
D) high amounts of savings and investment.
E) large current account surpluses.
D
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Suppose there is no change in total revenue when the price changes. The demand curve for this good is:
A. perfectly elastic. B. perfectly inelastic. C. elastic. D. unitary elastic.
Assume South Korea and Vietnam have the same amount of resources. In a given time period, South Korea can produce 100,000 jackets or 1,000,000 shirts. Vietnam can produce 200,000 jackets or 2,000,000 shirts. This means that
A. Vietnam has an absolute advantage in both jackets and shirts. B. South Korea has an absolute advantage in jackets. C. South Korea has a comparative advantage in jackets. D. Vietnam has a comparative advantage in shirts.