A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in
a. one generation. In the last couple of decades China's growth rate has been higher than 12%.
b. one generation. However, in the last couple of decades not even China's growth rate has been this high.
c. three generations. In the last couple of decades China's growth rate has been higher than 12%.
d. three generations. However, in the last couple of decades not even China's growth rate has been this high.
a
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For the U.S. economy, on an average:
A) growth resulting from technology is greater than the growth resulting from human capital. B) growth resulting from technology is smaller than the growth resulting from physical capital. C) growth resulting from technology equal to the growth resulting from physical capital. D) growth resulting from technology equal to the growth resulting from human capital.
Government clean up toxic waste sites is _____
a. justified on public good grounds b. justified on externality grounds c. justified on equity grounds d. justified on technical monopoly grounds
Since the current tax system is fairly ineffective at redistributing income, some people think this indicates
A. Government failure. B. A negative Gini coefficient. C. Market failure. D. A problem with externalities.
At the optimal or efficient level of an activity, the activity's marginal benefit must
A) be zero. B) be greater than zero. C) equal the marginal cost of the activity. D) exceed the marginal cost of the activity.