In recent years the economy of Japan has grown, despite the fact that the population of Japan has declined. Which of the following would best explain Japan's economic growth despite having a smaller population?
What will be an ideal response?
advancements in technology that make labor more productive
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In the figure above, if the government provides the efficient amount of education, how many students will be accepted?
A) 8 million per year B) 12 million per year C) 10 million per year D) 16 million per year
If we are interested in knowing whether a poor country is improving economically, we want to know not only what the economic growth rate is, but also
A) whether the economic growth rate is faster than other nations' growth rates. B) whether government spending is growing at the same rate. C) whether the economic growth rate is greater than last year's rate. D) whether the lowest income groups are benefiting from the growth.
A prudent person is most likely to find the use of financing attractive when purchasing which one of the following items?
What will be an ideal response?
There are two conditions necessary for a consumer to maximize her utility. One is that the marginal utilities per dollar spent on each good and service consumed are equal. What is the other condition?
A) Total spending on all goods and services must equal the amount available to be spent. B) The consumer must be satisfied with the choices she makes. C) The total spent on each good and service is the same. D) The prices of each good and service consumed must not be too high.