Traditionally, economists regarded improvements in technology as
A) unrelated to economic growth in any systematic way.
B) the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth.
C) an important factor in explaining economic growth that was due to economic forces that also could easily be explained.
D) an outside factor that helped explain economic growth.
D
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Macroeconomics seeks to understand
A) product demand, product cost, and profit maximization. B) industry sales, marketing strategies, and corporate growth. C) public choices, private choices, and consumer maximization. D) economic growth, business cycles, and inflation.
When the market is in equilibrium,
a. Total surplus is minimized b. Total surplus is maximized without government intervention c. Government maximizes total revenue d. None of the above
Real business cycle (RBC) theory predicts that the main source of economic fluctuations is represented by
Each of the following took place in the 1930s EXCEPT
A. the collapse of the entire international financial structure. B. a drought that became known as the Dust Bowl wiped out millions of farmers. C. all of the nation's banks were closed in the first week of March 1933. D. the fulfillment of the promise: "two cars in every garage" and "a chicken in every pot".