Economists and psychologists are often on opposite sides of the economic growth debate. The nature of the debate is such that
A. economists emphasize the benefits of growth to finance valuable programs, and psychologists question whether more goods make people happier.
B. economists emphasize that more money means more income for the government, and psychologists believe poorer people are happier.
C. economists believe that economic growth imposes no serious costs on the economy, and psychologists question the statistical reliability of GDP numbers.
D. economists stress the importance of money relative to leisure, and psychologists stress the importance of an unstructured life.
Answer: A
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New money is created in the U.S. economy by
A) increased federal government expenditures. B) banks that create checkable deposits. C) the U.S. Treasury. D) U.S. Department of Mint. E) the U.S. Congress.
Jones is hungry, but is willing to postpone lunch as long as he can have a much larger meal at dinner. The compensation of the larger meal at dinner time suggests that Jones
A) is a glutton. B) acts irrationally because it is best to have three meals a day. C) has a positive rate of time preference with regard to today's meals. D) does not consider lunch to be a scarce good.
Which of the following would increase aggregate supply?
A) increased training and education B) a reduction in input prices C) a discovery of new raw materials D) all of the above
The primary source of scale diseconomies appears to be
a. a firm's inability to acquire quality resources b. too little demand for the firm's product c. consumers who resist dealing with large firms d. division of labor e. the organizational difficulties of managing an ever larger enterprise