The use of goods and services for personal satisfaction is known as
A) the formation of capital goods.
B) production.
C) personal investment.
D) consumption.
Answer: D
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Incentives work by changing the trade-offs faced by individuals
Indicate whether the statement is true or false
College tuition costs have risen faster than prices in general from 1979 to 2009
a. True b. False Indicate whether the statement is true or false
Which of the following is most important if a country is going to grow rapidly and achieve a high level of per capita income?
a. an abundance of natural resources b. a warm moist climate c. a small population relative to the geographic size of the country d. institutions and policies that encourage people to engage in productive activities
During the 17th and 18th centuries, when the dominant economic policy was mercantilism, economic prosperity was measured by a nation's:
a. fleet of transport ships. b. food distribution system. c. number of men in its army and navy. d. stock of precious metals in its treasury.