Economic growth is achieved through: (check all that apply)
a. increased supplies of the factors of production.
b. advances in technology.
c. reduction in the quality of resources.
d. decreased demand for the factors of production.
a. increased supplies of the factors of production.
b. advances in technology.
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Economics is best defined as
A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.
The marginal rate of technical substitution always equals
A) the slope of the total product curve. B) the ratio of the marginal products of inputs. C) the change in output due to a change in the amount of one input. D) the distance between two isoquants.
Between points "b" and "c" in the above figure, the opportunity cost of 250 more bushels of corn is
A) 200 yards of cloth. B) 250 yards of cloth. C) 600 yards of cloth. D) 800 yards of cloth.
The increased-domestic-employment argument for tariff protection holds that:
A. domestic inflation is a desirable policy goal because it stimulates exports. B. domestic deflation is a desirable policy goal because it stimulates imports. C. an increase in tariffs will reduce net exports and stimulate domestic employment. D. an increase in tariffs will increase net exports and stimulate domestic employment.