Is it possible to have economic growth with no opportunity cost?
a. Yes, economic growth requires no current sacrifices-only the passage of time
b. No, but economic growth is always worth whatever sacrifice is required.
c. No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow.
d. No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital formation and research and development.
d
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
In the United States today, the U.S. dollar is backed by
A) silver. B) U.S. Treasury securities. C) gold. D) none of the above
The marginal productivity theory is irrelevant to organizing production in a socialist society.
Answer the following statement true (T) or false (F)
When economies of scale exist:
a. per unit production costs increase as output expands b. per unit production costs decline as output expands. c. marginal cost must decrease as output expands. d. per unit production costs remain constant as output expands.