Which of the following contributes to economic growth?
A. increase in environmental protection policies
B. increase in consumer spending
C. increase in labor regulations restricting the hours of overtime allowed
D. increase in labor productivity
Answer: D
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Which of the following is an example of the snob effect?
A) The fewer consumers that buy the operating system, the fewer the applications that will be available. B) The more people that buy a luxury watch, the less value consumers put on the watch. C) The fewer ATMs available in the city, the fewer consumers want to join the network. D) None of the above.
Firms should hire additional units of a resource as long as the:
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. b. marginal product of the resource is less than the price of the resource. c. price of the output produced is positive. d. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.
A normative statement is descriptive—it describes what happens and why it happens
a. True b. False Indicate whether the statement is true or false
From the standpoint of economic efficiency, which of the following is a major advantage of medical savings accounts?
a. They encourage healthcare consumers to purchase low-deductible, low co-payment medical insurance plans. b. They guarantee that no American will ever have to pay another medical bill. c. They encourage healthcare consumers to economize. d. They will force employers to pay a larger share of the medical expenses of their employees.