Unlike Classical growth theory, new growth theory emphasizes the importance of:
A. the law of diminishing marginal productivity.
B. population growth.
C. human capital.
D. technology.
Answer: D
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A tradeoff exists between a clean environment and a higher level of income in that
a. studies show that individuals with higher levels of income actually pollute less than low-income individuals. b. efforts to reduce pollution typically are not completely successful. c. laws that reduce pollution raise costs of production and reduce incomes. d. by employing individuals to clean up pollution, employment and income both rise.
College graduates now earn nearly five times as much as their high school-educated peers, but the gap is falling.
Answer the following statement true (T) or false (F)
In response to the global recession of 2008 and 2009, governments around the world
A. Reduced public works spending. B. Expanded public works spending and income transfer programs. C. Expanded income transfer programs but reduced public spending programs. D. Reduced income transfer programs.
If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good.
A. free B. public C. private D. Pareto