The neoclassical growth theory says, in part, that
A) a population explosion driven by economic growth will end economic growth.
B) technological change leads to economic growth.
C) the differences in nation's growth rates will persist indefinitely.
D) technology does not play a role in economic growth.
B
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The ability of a good or service to satisfy a want is known as
a. tangibility. b. desirability. c. utility. d. satisfying.
Monetary policy in the European Monetary Union is determined by
A) the Bundesbank. B) the European Union Senate. C) the European Central Bank. D) None of the above.
An example of opportunity cost:
a. is the Chinese food that you gave up when you chose to eat Italian food. b. is the tuition that you pay to attend college. c. for a professor of economics is the pleasure that he or she derives from teaching economics. d. is sweets given up by a person who would never eat them even if he or she could. e. is the amount spent on buying movie tickets.
In the In the News article in the text titled "Fiscal Policy in the Great Depression," President Hoover's prescription in 1932 was for cutbacks in government spending and higher taxes. He was effectively
A. Applying the Keynesian prescription for handling a depression. B. Decreasing the level of AD. C. Targeting the goal of full employment rather than reduction of inflation. D. Following the classical approach of laissez faire.