What is meant by economist Paul Romer’s statement that “Economic growth springs from better recipes, not just from more cooking”? Better recipes ______.
a. are the result of better education and training
b. lead to innovation and permanent change
c. provide quality rather than quantity
d. require assistance and collaboration
b. lead to innovation and permanent change
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The high unemployment of 2008-2010 caused a substantial decrease in inflation which created fears of deflation
a. True b. False Indicate whether the statement is true or false
According to the Kahneman-Tversky value function,
A. small gains should be combined with large gains. B. small gains should be subtracted from large losses. C. small gains should be segregated from large losses. D. small losses should be segregated from large losses.
Refer to the figure below. This graph describes a good that:
A. generates negative externalities. B. the government should tax. C. generates positive externalities. D. should be banned.
The relationship between the level of prices and the total demand for all goods and services is known as:
A. aggregate supply. B. market supply. C. aggregate demand. D. market demand.