The demand for a good or service is...
a.determined by those who buy the good or service.
b. the government.
c. those who sell the good or service.
d. both those who buy and those who sell the good or service.
a.determined by those who buy the good or service.
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According to new growth theory, the accumulation of ________ capital is subject to diminishing returns at the ________ level, but not at the level of the economy as a whole
A) technological; personal B) knowledge; firm C) physical; production D) physical; firm
Which of the following stands true for factors that affect changes in productivity across countries and over time?
a. It is more difficult to measure changes in the quality of goods than changes in the quality of services. b. As energy prices go up, energy-efficient capital goods become obsolete. c. It is believed that productivity grows more slowly in manufacturing industries than in services, because of the less labor-intensive nature of manufacturing industries. d. The key to efficient production is the allocation of resources to their best use. e. The greater the productivity, the more efficient the allocation of resources, and the less developed a country's financial market would be.
Which of the following could contribute to a rise in GDP yet may not be economically beneficial?
a. building schools b. water treatment plant construction c. tobacco sales d. airport construction
The reduction of structural unemployment in the United States' economy may require
a. an increase in the minimum wage. b. a reduction in government spending. c. an decrease in interest rates. d. increased spending on worker retraining.