Governments contribute to increased average labor productivity in each of the following ways except by:
A. allowing the free and open exchange of ideas.
B. establishing well-defined property rights.
C. maintaining political stability.
D. imposing taxes on wages.
Answer: D
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Which of the following has NOT been one of the primary sources of economic growth over the last 200 years?
A) investment in new capital B) resource conservation C) investment in human capital D) discoveries of new technology
The MP curve may be used to represent how ________
A) movements of the inflation rate are determined by the real interest rate B) monetary policy responds to changes in the real interest rate C) movements of the real interest rate are related to the inflation rate D) all of the above E) none of the above
Efficiency is reached by allocating resources to those who have the greatest willingness to pay for them. This can be achieved in a market where a negative externality is present by:
A. taxing consumers. B. giving consumers a subsidy. C. place a quota at the efficient level. D. All of these will achieve efficiency.
Which of the following is a macroeconomic measurement used to gauge macroeconomic activity?
A) Net domestic product B) National income C) Personal income D) Disposable income E) all of the above