Burns (1934) argued that retardation and decline in some industries are
(a) healthy for a growing and developing economy because resources are released for use in productive sectors.
(b) healthy only for the competitors of the declining industries.
(c) unhealthy for a growing economy because resources are idle in the declining industries.
(d) unhealthy for a growing economy because the released resources are used unproductively
by the competitors of the declining industries.
(a)
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The law of one price should hold well for
A) differentiated products. B) any individual goods traded internationally. C) homogeneous goods. D) All of the above.
An increase in government spending would cause which of the following to happen?
A) The aggregate demand curve would shift to the right. B) The aggregate demand curve would shift to the left. C) The aggregate supply curve would shift to the right. D) The aggregate supply curve would shift to the left.
Average fixed cost is
a. the sum of variable and fixed costs b. total cost minus variable cost c. variable cost plus marginal cost d. total fixed cost per unit of output e. constant as output changes
If income is distributed equally in a society, the poorest fifth of the population receives
A. 5 percent of the total income. B. one-fifth as much as the richest fifth of the population. C. 20 percent of society’s total income. D. 50 percent of society’s total income.