Between 1929 and 2009, the U.S. economy grew at an average annual rate of ________
a. 10.4 percent
b. 7.9 percent
c. 5.2 percent
d. 3.3 percent
d
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Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the efficient quantity of satellites is
A) 0. B) 1. C) 2. D) 3.
Which of these is not a good example of skill-biased technical change?
A) GPS navigation equipment in delivery trucks B) web-enabled virtual classrooms C) self-service check out scanners D) use of robots in automobile assembly
The government could offer a subsidy to offset a:
A. negative externality. B. positive externality. C. network externality. D. A subsidy could offset any of these.
In economics, items that are used to produce goods and services are known as
A. needs. B. resources. C. wants. D. outputs.