An economy can achieve faster economic growth without ______
A. markets and property rights
B. people being willing to save and invest
C. incentives to encourage the research for new technologies
D. an increase in the population growth rate
D The other answers are necessary conditions for economic growth.
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The table above shows a nation's production possibilities frontier. The opportunity cost of a robot between combination D and E is
A) 1/4 of a pizza. B) 34 pizzas. C) 30 pizzas. D) 4 pizzas. E) undefined because neither point is production efficient.
The idea behind the traditional industrial policy of import substitution is:
A. to protect infant industries until they can become price competitive in the world market. B. give certain industries a chance to enter a market and gain efficiencies that companies elsewhere in the world have already gained in that industry. C. build up home industries to compete with others in the world. D. All of these statements are true.
Exhibit 9-8 Keynesian aggregate expenditures model
?
In Exhibit 9-8, the value of the spending multiplier is:
A. 3. B. 4. C. 5. D. 2.
When an economy is operating at the steady state, we know that
A) steady state saving equals consumption. B) steady state saving is less than total consumption. C) steady state saving is equal to depreciation per worker. D) steady state saving exceeds depreciation each year by a constant amount. E) none of the above