04 Jun WHY DID THE STATE IN SOUTH KOREA INTERVENE MORE HEAVILY IN INFLUENCING DECISIONS MADE BY FIRMS ABOUT INVESTMENT THAN THE STATE IN TAIWAN?
Why did the State in South Korea intervene more heavily in influencing decisions made by firms
about investment than the State in Taiwan?
Question
Why did the State in South Korea intervene more heavily in influencing decisions made by firms
about investment than the State in Taiwan?
Select one:
a. South Korean businesses were more compliant with government demands than those in Taiwan.
b. South Korea was a military dictatorship in the 1960s.
c. The development of factor markets in South Korea lagged far behind those in Taiwan, and the
State sought to overcome these market failures.
d. Taiwan’s leaders were all free-market advocates. Which of the following is correct?
Select one:
a. Neo-classical growth theorists generally agree that growth is caused by rapid capital
accumunlation reflected in high saving and investment.
b. Neo-classical growth theorists generally agree that new ideas and new products represent the
engine of long-term growth.
c. Neo-classical growth theorists generally do not agree with each other.
d. Neo-classical growth theorists generally agree that export-led growth, strong property rights and
good entrepôts are vital for long term economic growth. According to neo-classical theory as capital is accumulated and capital per unit of labour increases:
Select one:
a. This leads to less output since workers tend to become less hard working when working with big
machines.
b. Increases the productivity of labour and economic growth.
c. The marginal productivity of capital increases.
d. This leads to a reduced rate of economic growth as workers lose their jobs to the machine. Which of the following is the most appropriate statement about agricultural policy in the NIEs?
Select one:
a. To hasten structural change polices to reduce tariff protection have been given the highest
priority.
b. Tariff polices have had a positive effect on the incomes of agricultural producers.
c. Dramatic increases in agricultural production have been achieved through a combination of an
overvalued exchange rate and government control of marketing channels.
d. Downsizing the agricultural sector has always been a major focus of government policy. The single most important characteristic of industrial policy in the NIEs was:
Select one:
a. The use of protective tools such as discriminatory tariffs, preferential taxes and export restrictions
to promote selective sector growth.
b. State intervention at the level of the individual firm.
c. The use of indicative planning.
d. A balancing of pro-growth and anti-growth policies to maximise social outcomes during rapid
structural change. Which of the following is unlikely to be prescribed as part of a typical IMF stabilisation programme?
Select one:
a. Liberalisation of foreign exchange controls.
b. Devaluation of the exchange rate.
c. Reduction in domestic interest rates.
d. Government spending cuts. Rent seeking behaviour can best be minimised by:
Select one:
a. Removing government price and allocation controls that prevent markets from operating.
b. Planning more adequately for construction of housing and office buildings.
c. Relying less on markets and more on government controls.
d. Installing a non-democratic government that does not have to respond to lobby groups. Which of the following is an example of rent seeking behavior?
Select one:
a. Steel companies seeking tariffs on steel imports.
b. Accountants seeking to maintain high standards by making the professional qualifying exams even
more difficult.
c. Car companies lobbying for new laws that restrict the number of competitors allowed in the
domestic market.
d. All of the above. According to neo-classical theory as capital is accumulated and capital per unit of labour increases:
Select one:
a. This leads to less output since workers tend to become less hard working when working with big
machines.
b. Increases the productivity of labour and economic growth.
c. The marginal productivity of capital increases.
d. This leads to a reduced rate of economic growth as workers lose their jobs to the machine. According to Krugman, Asian economic growth is mainly due to:
Select one:
a. Technological catch-up.
b. The fast expansion of factor inputs.
c. The growth of Total Factor Productivity.
d. High rates of investment. According to the Heckscher-Ohlin theorem, international trade arises because of:
Select one:
a. Differences in relative factor endowments.
b. Differences in technology.
c. Differences in taste and preferences.
d. The existence of economies of scale. Outward looking growth strategies emphasize:
Select one:
a. Protection for export competing industries.
b. Protection for import competing industries.
c. Resource allocation based on the principle of comparative advantage.
d. Resource allocation based on the principle of absolute advantage.
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