Neoclassical growth theory is based on the proposition that real GDP per person grows when
A) the population growth rate increases.
B) the population growth rate decreases.
C) technological advances occur.
D) saving decreases.
C
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Mandatory motorcycle helmet laws are designed to reduce the severity of injuries resulting from motorcycle involvement in traffic accidents. In this sense, these mandatory helmet laws are reducing ________ of risky behavior
A) negative externalities B) the social benefit C) positive externalities D) the private benefit
We measure GDP in different ways because
a. we can then check for errors and gain different insights into how the economy performs b. certain economists do not like the expenditure approach for GDP c. the expenditure equation ignores certain aspects of the economy d. it is too difficult to determine accurate values of consumption and investment e. the particular situations of different countries require different approaches
Which of the following is an example of a price ceiling?
A. Limits on interest rates charged by credit card companies B. Subsidies for apartment rent in major cities C. Minimum-wage laws for unskilled workers D. Price supports for agricultural products
The marginal product of an input is equal to the change in total product resulting from a one-unit increase in the quantity of that input.
Answer the following statement true (T) or false (F)