New growth theorists believe that increased economic growth is primarily driven by:
a. higher level of savings
b. higher level of capital investments.
c. increased foreign investment.
d. technological innovation and ideas.
d
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If the price of a product rises, consumers buy less of the good because the:
a. MU/P of the good falls below the MU/P of other goods. b. MU/P of the good rises above the MU/P of other goods. c. marginal utility of the good diminishes. d. total utility of the good diminishes. e. marginal utility of the good rises.
While constructing a price index, economists give greater weight to the items on which people spend less money
a. True b. False Indicate whether the statement is true or false
If price rises, what happens to the demand for a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain--economic theory has no answer to this question.
Porter states that ______ can influence each of the four components of the diamond through subsidies, education policies and policies towards capital markets.
Fill in the blank(s) with the appropriate word(s).