Growth is advantageous to a nation because it
A. slows the growth of wants.
B. eliminates the economizing problem.
C. promotes faster population growth.
D. lessens the burden of scarcity.
Answer: D
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The above figure shows supply and demand curves for milk. If amount Q2 is produced in the market,
A) producer surplus is maximized. B) consumer surplus is minimized. C) a deadweight loss is generated. D) All of the above.
Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 12 to 13 units?
A) 58.5 B) 70 C) 690 D) 760
A tax on an imported product is called a
A) tariff. B) quota. C) dumping signal. D) all of these choices.
The economic justification for public subsidies to university research is based on the
A. value of this research to the university. B. higher salaries graduate students earn as a result of working with professors involved in research. C. external benefits of research and development to, in particular, high rates of economic growth. D. higher incomes earned by those who provide services to university researchers (equipment, supplies, etc.).