Technology is an important factor in explaining the high incomes of some athletes primarily because
a. technology accounts for differences in incomes within all occupations.
b. technology makes it possible for very large numbers of people to watch athletes perform.
c. technology improves the performance of athletes.
d. technology requires human capital to use it efficiently.
b
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The sustained expansion of production possibilities is called
A) opportunity cost of growth. B) production possibilities. C) economic growth. D) economic investment. E) production expansion.
Why is it not efficient to eliminate all pollution?
What will be an ideal response?
If potential GDP for the fourth quarter of 2012 = $58.5 billion, and real GDP for the fourth quarter of 2012 = $53.7 billion, then the output gap was
A) -8.9%. B) -8.2%. C) 8.2%. D) 8.9%.
Economists refer a to a market where buying and selling take place at prices that violate government price regulations as
A) a black market. B) an outlaw market. C) a noncompetitive market. D) a restricted market.