A country's production possibilites increase because the available workers become more skilled at using a computer. This is an example of growth caused by:
a) global resources
b) physical capital
c) technology
d) production opportunity
Ans: c) technology
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Economists refer to externalities as an example of market failure when:
a. markets do not consider social costs as part of overall costs. b. additional external costs are so high that the firm must shut down. c. private costs are the same as costs to society as a whole. d. citizens bring lawsuits to stop production that pollutes.
Which of the following is not a component of aggregate demand?
a. Consumption b. Investment spending c. Government spending d. Real interest rate
Six Sigma strive for
a. perfect attendance b. improvements in ethnic quotas c. less environmental impact d. perfection in processes and product
Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. What budget does the median voter prefer?
A. 7 B. 8 C. 9 D. 10