Which one of the following would count as investment in the national income accounts?
What will be an ideal response?
A freight hauling firm buying a new domestically produced truck.
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When a monopoly price discriminates, it
A) increases the amount of consumer surplus. B) decreases its economic profit. C) converts consumer surplus into economic profit. D) converts economic profit into consumer surplus. E) has no effect on the deadweight loss in the market.
Which of the following is TRUE?
A) Child labor is most common in urban areas. B) Child labor is most common in the textile industry. C) Child labor is most common in production aimed at export markets. D) If child labor were stopped, families would have greater economic success. E) Agriculture is the main industry using child labor.
The hypothesis stating that people combine the effects of past policy changes on important economic variables with their own judgment about the future effects of future and current policy changes is known as
A) policy irrelevance hypothesis. B) rational expectations hypothesis. C) life cycle hypothesis. D) real business cycle hypothesis.
The key to a country's economic growth is combining _______ with _______.
A. human capital; physical capital B. legal institutions; cultural institutions C. ideas; good institutions D. human and physical capital; ideas and good institutions