Which of the following is important if a country is going to achieve and sustain high rates of economic growth?
What will be an ideal response?
investment in physical and human capital, improvements in technology, and institutional and policy arrangements consistent with economic efficiency
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What happens typically to a budget deficit during a recession?
A. It increases because of tax changes. B. It decreases because of spending decreases. C. It decreases automatically. D. It increases automatically.
Wealth
A) is the same as income. B) includes assets such as houses, stocks, and bonds. C) does not include tangible objects. D) is a flow and not a stock.
Adam Smith revolutionized the way we think about economic growth with his celebrated book called _________ that was published in _________
a. Progress and Poverty; 1890 b. Capital; 1867 c. The Theory of Business Cycles; 1936 d. The Wealth of Nations; 1776 e. The Theory of Economic Growth; 1914
Economists ordinarily favor setting price equal to marginal cost when this option is feasible.
Answer the following statement true (T) or false (F)