Refer to the list. As distinct from the supply factors and demand factor of economic growth, the efficiency factor(s) of economic growth is (are):
Use the list below to answer the following question:
1. Improvements in technology.
2. Increases in the supply (stock) of capital goods.
3. Purchases of expanding output.
4. Obtaining the optimal combination of goods, each at least-cost production.
5. Increases in the quantity and quality of natural resources.
6. Increases in the quantity and quality of human resources.
A. 1 only.
B. 4 only.
C. 1 and 3 only.
D. 3 only.
B. 4 only.
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Which of the following measures of effectiveness is not a surrogate measure?
a. Cholesterol level b. Blood pressure c. Tumor size d. Hip fracture e. Bone-mass density (BMD)
Wilson is offered a job in Kansas City that pays $50,000 and a job in Dallas that pays $60,000 . Which pair of CPIs would ensure that the two salaries have the same purchasing power?
a. 80 in Kansas City and 100 in Dallas b. 125 in Kansas City and 150 in Dallas c. 100 in Kansas City and 124.5 in Dallas d. 100 in Kansas City and 140 in Dallas
A competitive market for a product must be in equilibrium when:
a. Spending on the product is equal to the value of the quantity supplied b. There is no tendency for the price of the product to change c. The quantity of the product bought is less than the quantity of the product sold d. The number of consumers equals the number of producers
When the price of sugar was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price doubled, consumer expenditures actually INCREASED to $4 billion annually. This indicates that:
A. sugar is a Giffen good. B. the demand for sugar is elastic. C. the demand curve for sugar is upward sloping. D. None of the statements is correct.