Which of the following will NOT work to increase the rate of economic growth?
A) increase saving
B) limit competition from international trade
C) improve the quality of education
D) All of the above will work to increase the rate of economic growth.
B
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The value of output was $1,000 billion in Northland and $2,000 billion in Southland. The population of Northland was 50 million and the population of Southland was 120 million. There were 30 million employed workers in Northland and 75 million employed workers in Southland. Average labor productivity was higher in ________ and the standard of living was ________.
A. Southland; the same in both countries B. Southland; higher in Southland C. Northland; higher in Northland D. Northland; the same in both countries
Use the following table to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Inflation for the year 2008 is
A. 80%. B. 76.5%. C. 71%. D. 50%.
Which of the following describes a negative externality?
a. A third party is negatively affected by a private transaction it was not part of. b. A third party is positively affected by a private transaction it was not part of. c. A party is negatively affected by a private transaction in which it took part. d. A party is positively affected by a private transaction in which it took part.
If ATC > P, then a profit-maximizing, monopolistically competitive firms earns ________ economic profits.
A. negative B. zero C. positive D. either positive or negative