Continuous increase in investment in which of the following is most likely to cause sustained growth?
A) Capital B) Technology C) Land D) Labor
B
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Which of the following is not a benefit resulting from international policy coordination?
A) International policy externalities can be internalized. B) It makes the most out of the limited tools central banks have to manage the economy. C) Governments working together are often better positioned to withstand domestic objections to policies if they stand together. D) All of the above are benefits.
Economic profit is always positive when
A. accounting profit is positive. B. accounting profit is zero. C. accounting profit is greater than the firm’s opportunity costs. D. accounting profit is less than the firm’s opportunity costs.
Figure 19-1
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Of the graphs in Figure 19-1, which one shows the effects of an economic boom in the United States and a depreciation of the dollar?
A. 1 B. 2 C. 3 D. 4
Suppose the value of the price elasticity of demand is -3. What does this mean?
A) A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. B) A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent. C) A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. D) A $1 increase in price causes quantity demanded to fall by 3 units.