Which of the following is not considered a significant factor contributing to economic growth by economists today?
a. work effort is less intense in the heat of the tropics
b. an increase in the quantity of physical capital
c. increased use of land inputs
d. greater division of labor and specialization
a
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Recall the Application. The equilibrium price of pecans increased because the demand curve shifted
A) up and to the right. B) up and to the left. C) down and to the right. D) down and to the left.
How would the following events affect the market demand for laser printers?
a) A recession in the economy leading to a fall in income levels b) A five-fold increase in the price of printing paper
If both the marginal cost and the average variable cost curves are U-shaped, which of the following is true over the range of output for which the average variable cost curve has a negative slope? a. The marginal cost curve must have a negative slope
b. The average total cost curve must have a negative slope. c. The marginal cost curve is below the average variable cost curve. d. both (b) and (c) are correct.
Economists are generally opposed to tariffs or other restrictions on imported goods because of the negative secondary effects they create that more than offset the benefits to employment in the domestic industry. Which of the following could be considered a secondary effect of these trade restrictions?
a. The price to consumers of the good in question will be higher as a result of the restriction, meaning consumers will be worse off. b. As consumers must spend more money to purchase the good, there will be employment losses in other domestic industries as consumers cut back on their spending on other things. c. Because there is a link between a country's imports and its exports, less imports from other countries will result in lower domestic employment in export industries. d. All of the above.