An economy growing at a steady rate of 3.1 percent per year doubles in size approximately every __________ years
A) 40
B) 23
C) 32
D) 16
B
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Technological change will
A) shift the per-worker production function down. B) move the economy to a point beneath the per-worker production function. C) shift the per-worker production function up. D) move the economy along a given per-worker production function.
The ability to lower the average costs of production for two or more products is possible with
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Loans that are secured against an asset:
A. generally have lower interest rates. B. generally have higher interest rates. C. are much longer in length than unsecured loans. D. are much shorter in length than unsecured loans.
When a nation begins to export a good,
a. the domestic price of that good falls b. less of that good is produced domestically c. the domestic producers are made better off d. the domestic consumers are made better off e. both domestic and foreign consumers will purchase more of it