Which of the following statements is true?
A. Conservative economists focus on incentives, and liberal economists do not.
B. Most economists discredit individuals' abilities to choose reasonably.
C. Liberal and conservative economists differ less often than laypeople think they do.
D. Liberal economists focus on individual choice, and conservative economists do not.
Answer: C
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The production possibilities frontier model assumes which of the following?
A) Production of any level of the two products that the economy produces is currently possible. B) Labor, capital, land, and natural resources are unlimited in quantity. C) The economy produces only two products. D) The level of technology is variable.
Which of the following was NOT part of Korean industrial policies?
A) An aggressive promotion of exports along with high levels of protection B) Directed credit and tax breaks given to targeted industries C) Subsidies given to some targeted firms D) Bailing out bankrupt firms without any attempt to dispose distressed firms E) Allowing exporting firms to borrow funds at below-market interest rates