The technology or knowledge necessary for a production process is called
A. production input.
B. knowledge input.
C. business know-how.
D. technology input.
Answer: C
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It is possible for the poverty rate to decline even if the number of poor people increases
Indicate whether the statement is true or false
Which of the following is an example of crowding out?
A) A decrease in the rate of growth of the money supply which causes a decrease in Real GDP. B) A budget deficit causes an increase in interest rates, which causes a decrease in investment spending. C) An increase in tariffs which causes a decrease in imports. D) A decrease in government housing subsidies which causes an increase in private spending on housing.
Changes in the growth rate of potential output and deviations of actual output from potential output are two logical explanations for:
A. increasing wage inequality. B. short-term economic fluctuations. C. the decline in the natural rate of unemployment. D. skill-biased technological change.
Classical economists predicted that population growth would eventually reduce economic growth because they believed:
A. in the law of diminishing marginal productivity. B. in the law of increasing marginal productivity. C. that production involved increasing returns to scale. D. that production involved decreasing returns to scale.