Which of the following has NOT been one of the primary sources of economic growth over the last 200 years?
A) investment in new capital
B) resource conservation
C) investment in human capital
D) discoveries of new technology
B
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In a perfectly competitive equilibrium with production and trade, which of the following results occur(s)?
A) Pareto-efficiency is obtained. B) The First Welfare Theorem is satisfied. C) There is efficiency in production. D) All of the above.
Imposing taxes in markets where demand and supply are price inelastic:
A. causes less inefficiency than imposing them in price-elastic markets. B. causes more inefficiency than imposing them in price-elastic markets. C. causes no inefficiency. D. cause the same amount of inefficiency because efficiency is unrelated to market elasticity.
If the inflation rate falls, what will happen to the budget deficit?
A. It will rise, because government spending will rise. B. It will rise, because interest payments will rise. C. It will fall, because tax receipts will increase. D. It will fall, because interest payments will fall.
Society must pay the full opportunity cost of any activity
A) that uses scarce resources. B) that causes costs to rise. C) that increases revenues. D) none of the above.