Which of the following is true with regard to economic growth?
a. Small differences in economic growth rates make small differences in Real GDP over time
b. Once a country is richer than other countries, it will remain richer regardless of differences in economic growth rates.
c. Economic growth rates tell us nothing about the distribution of output and income in a country.
d. All of the above are true.
c
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A demand curve is graphed to show the relationship of the _______________ of a good on the vertical axis with the _____________ of the good on the horizontal axis.
a. price/quantity b. quantity/demand c. demand/utility d. utility/price
An economic theory about international trade that is based on the assumption that there are only two countries trading two goods
a. is useless, since the real world has many countries trading many goods. b. can be useful only in situations involving two countries and two goods. c. can be useful in the classroom, but is useless in the real world. d. can be useful in helping economists understand the complex world of international trade involving many countries and many goods.
Many times, technology is ________the equipment a company buys.
A. a substitute for B. not present in C. produced by D. embodied in
An increase in long-run average costs resulting from decreases in output is
A) attributed to the law of diminishing marginal product. B) attributed to constant returns to scale. C) attributed to economies of scale. D) attributed to diseconomies to scale.