List four types of government policies which can aid economic growth
What will be an ideal response?
Governments can aid economic growth through policies that enhance property rights and the rule of law, improve health and education, subsidize research and development, and provide incentives for saving and investment.
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Why might product development be efficient and why might it be inefficient?
What will be an ideal response?
Which of the following statements about full employment is correct? I. Full employment means that the unemployment rate is less than 1/2 of 1 percent. II. Full employment means that the transaction costs associated with getting a job are zero
A) I only B) II only C) Both I and II D) Neither I nor II
In the context of aggregate supply, the short run is defined as the period during which
a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.
Under rent controls
A. there is a shortage of rental units. B. there is less government involvement in rental markets overall because there is a better supply of low-income housing. C. all renters are better off than under freely competitive markets. D. the quantity supplied of rental units is greater than it would be under freely competitive markets.