Which one of the following is TRUE?
A. A well-defined system of property rights benefits only the wealthy, and consequently it produces income inequality that will stifle economic growth.
B. Restricting imports will enhance a country's economic growth.
C. For every country that experiences an increase in its growth rate, there must be another experiencing a decline.
D. Small changes in the annual growth rate amount to a measurable difference in the long-term growth trend of a country.
Answer: D
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Which of the following equations is correct?
A) rate of growth of per capita real GDP = rate of growth in real GDP - rate of growth of population B) rate of growth of per capita real GDP = rate of growth in real GDP + rate of growth of population C) rate of growth in real GDP = rate of growth of per capita real GDP - rate of growth of population D) rate of growth in real GDP = rate of growth of per capita real GDP + rate of growth of population
An oral auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above
The demand for factors of production is referred to as:
A. primary demand. B. derived demand. C. implied demand. D. production demand.
A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market
a. True b. False Indicate whether the statement is true or false