The experience of sub-Saharan Africa, as compared to that of "Other Asia" (not including the HPAEs) supports the argument that
A) high rates of protection tend to harm economic growth.
B) the poorer is the country the easier it is for it to "catch up" economically.
C) low rates of protection tend to promote economic growth.
D) free trade always best stimulates a developing country's economy.
E) neither trade liberalization nor import substitution is a foolproof strategy for economic development.
E
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The quantity of money demanded will decrease if the
A) nominal interest rate decreases. B) price level rises. C) real interest rate decreases. D) inflation rate decreases. E) nominal interest rate increases.
Inmates at the federal penitentiary at Lompoc, California, accepted packages of mackerel in exchange for goods and services. Why were they willing to accept mackerel in exchange for goods and services?
A) because mackerel is a good source of protein B) because prison authorities deemed mackerel legal tender C) because the inmates know that they could use the packages of mackerel to buy other goods and services D) because the inmates do not wish to consume mackerel