Which of the following is correct?
a. Economic development is more quantitative than economic growth.
b. A country cannot achieve economic growth with a limited base of natural resources.
c. Infrastructure is capital provided by the private sector.
d. All of the above are true.
e. All of the above are false.
e
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The Keynesian approach to government economic policy: a. has emphasized the role of individual self-interest as a powerful stabilizing force. b. has consistently failed to reduce fluctuations in economic activity
c. was ineffective during the 1960s. d. highlighted the role of aggregate demand. e. was rechristened supply-side economics around 1980.
Which of the following would tend to increase the wage of coal miners?
a. new environmental laws that make it more costly for firms to use coal in their production process b. an increase in the price of oil, a substitute for coal c. a decrease in the demand for coal d. an increase in the supply of coal miners
If a 20 percent increase in the price of a good results in a 60 percent increase in the demand for another good, what is the cross-price elasticity of demand?
a. +3 b. –3 c. +80 d. –40
If the national debt is owed entirely to U.S. citizens,
A. paying off the debt will necessarily stimulate growth. B. future interest payments on the debt are not a burden to the nation as a whole. C. future economic growth will necessarily be slowed. D. the debt constitutes a burden to these citizens.