One explanation for the growth in the U.S. economy over the last 100 years is:
A. a large increase in human capital.
B. a rapid decline in human capital.
C. a small, incremental increase in human capital.
D. Human capital was not the cause of growth in the United States over the last 100 years.
A. a large increase in human capital.
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What is economics and what does it try to explain?
What will be an ideal response?
Because a price floor causes:
A. a shortage, some form of rationing must occur. B. a surplus, some producers may ultimately lose because they won't have enough customers. C. a shortage, rent-seeking will occur. D. a surplus, everyone will be better off.
Billy is running a fast-food burger stand in his small community. If he is like other monopolistic competitors in short-run equilibrium which of the following would be true? a. His demand curve would be downward sloping
b. His marginal revenue curve would lie below his demand curve. c. He would be maximizing profits where his MC = MR. d. All of the above would be characteristics of Billy's burger stand.
A favorable balance of trade occurs when:
A. exports equal imports. B. the balance of payments balances. C. the current and capital account in the BOP are equal. D. the value of the exports of goods exceeds the value of the imports of goods.