In the Case in Point on economic growth prospects for the United States, economist Robert Gordon expects for the near future:
A) A period of robust growth.
B) A period of secular stagnation.
C) A period of no growth.
D) A period of no technological innovation.
Ans: B) A period of secular stagnation.
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Which of the following is not a government activity that is involved in public finance?
A. Running government-owned enterprises such as hospitals, utilities, and lotteries. B. Redistributing income through various taxes and income-transfer payments. C. Providing public goods and services such as national defense and education. D. Regulating the activities of firms in the financial sector of the economy.
The law of demand implies that, other things remaining the same,
A) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases. B) as the demand for cheeseburgers increases, the price of a cheeseburger falls. C) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases. D) as more people demand cheeseburgers, the quantity demanded increases. E) as income increases, the quantity of cheeseburgers demanded increases.
The principle of comparative advantage is associated with
a. restricting consumer choices. b. greater production at higher prices. c. specialization and exchange. d. comparing the efficiency of alternative tariffs.
Which form of imperfect competition is associated with the airline industry?
A) monopoly B) monopolistic competition C) oligopoly D) none of the above