What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism.
b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read).
c. They all became part of the First World.
d. They became the most technologically advanced countries in the world.
e. They underwent the process of opening their economies and experienced rapid economic growth.
Question 2
The greater the magnitude of the external benefits of production,
a. The larger is the deadweight loss from overproduction.
b. The greater would be the optimal tax.
c. The less the private market solution would deviate from the socially efficient level of output.
d. All of the above are true.
Fossil from the Carboniferous period
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