Which of the following is not a resource for a society?
a. capital goods, like factories and machine tools
b. entrepreneurship
c. legal institutions
d. labor
c
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The consumption function shows how ________
A) the marginal propensity to consume varies with disposable income B) income varies as a result of changes in consumption C) consumption depends on the decision to save D) all of the above E) none of the above
The per capita real GDP is the
A) rate of growth in real GDP plus the population growth rate. B) real GDP divided by the population. C) rate of growth in real GDP times the population growth rate. D) rate of growth in real GDP minus the population growth rate.
The principle of comparative advantage states that total output is greatest when each product is made by the country that has the _____________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a defining characteristic of a public good?
a. It is produced and distributed by the government. b. The decision to produce it is made by the public through the voting process. c. It is produced and distributed by private firms according to government regulations. d. It is freely available to everyone once it is produced. e. It is purchased by one government agency from another government agency.