Those who believe that overall economic growth is more important than the distribution of income would say that:
A. if the society is not getting richer, then things can never become more equal.
B. it is fundamentally unjust for some people to have so much when others have so little.
C. if everyone is getting richer, the relative speed of these gains isn't as important.
D. All of these are true.
Answer: C
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Which of the following statements is true of the number of entrepreneurs in an economy?
A) The number of entrepreneurs is likely to be higher in an economy with inclusive institutions than in an economy with extractive institutions. B) The number of entrepreneurs is likely to be higher in a command economy than in a market economy. C) The number of entrepreneurs is likely to be the same in an economy with inclusive institutions and an economy with extractive institutions. D) The number of entrepreneurs is likely to be the same in a command economy and a market economy.
An aggregate production function shows the relationship between
A) real GDP and leisure. B) real GDP and the quantity of labor employed. C) leisure and unemployment. D) real GDP and unemployment.
If x causes y, then
a. x and y are inversely related b. y is a dependent variable c. other variables don't matter d. y must, in turn, cause x e. x and y are always in a direct relation to each other
Allocation schemes can be based on
A) prices. B) randomness. C) government decisions. D) all of these choices.