Proponents of economic growth make all of the following arguments except:
A. growth provides an economic environment favorable to education and self-fulfillment.
B. there is a direct relationship between a growing real GDP and rising pollution.
C. growth is the basic means of improving living standards.
D. it is easier to reduce poverty when the economy is growing than when it is not.
Answer: B
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Entry into a monopolistically competitive industry
A) is relatively easy. B) is very difficult. C) can be easy or difficult, depending on the type of product. D) is about the same as entering a monopoly industry.
In economics, another term for seigniorage is:
A) inflation tax. B) royalty. C) high inflation. D) government borrowing.
Figure 6.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40 and the firm is currently producing the profit-maximizing output level, its total variable cost is:
A. $12,500. B. $14,300. C. $19,800. D. $27,000.
An action that is the best choice under all conditions is known as the
A) profit-maximizing strategy. B) prisoner's dilemma. C) tit-for-tat strategy. D) dominant strategy.