A political system that promotes the free and open exchange of ideas:
A. increases average labor productivity.
B. slows the development of new technologies and products.
C. will not have well-defined property rights.
D. is detrimental to economic growth.
Answer: A
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If you have $5,000 in wealth and the price level decreases by 20 percent, then
A) the $5,000 will buy fewer goods and services. B) the $5,000 will buy more goods and services. C) the real value of the $5,000 decreases. D) the real value of the $5,000 remains constant.
All along the beach in San Diego, California are shops which rent boogie boards for $3 per hour. Tourists perceive that all rental boogie boards are identical and there are no restrictions on entry and exit in the boogie board market
Suppose Surf's Up is a boogie board rental shop. To maximize profits, Surf's Up would produce a quantity where A) Marginal revenue is greater than marginal cost. B) Marginal revenue is equal to marginal cost. C) Marginal revenue is less than marginal cost. D) Price is maximized.
If the marginal product of capital is greater than the rental cost of capital in terms of goods and services, then ________
A) the firm should continue to produce using that same amount of capital B) the firm should add additional capital C) the firm should reduce the amount of capital is using D) diminishing returns have been avoided
Gains from trade are the:
A. increase in welfare in both countries that results from specialization and trade. B. transfer of surplus by the receiving country that results from trade. C. deadweight loss by the losing country that results from trade. D. increased skills and human capital that results from specialization and trade.