Which theory emphasizes the significance of new discoveries that can be used by many people at the same time?
A) neoclassical growth theory
B) new growth theory
C) classical growth theory
D) None of the above answers are correct.
B
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Which of these is not a valid reason for government intervention into mutually beneficial exchange?
a. The market system might not function at all without government protecting certain rights b. The market system produces an efficient outcome that the majority does not like c. The government might be able to undertake some activities more efficiently than the market outcome. d. The market allocation might be viewed as inequitable, so redistribution might be desired to achieve equity goals.
Which of the following are inherent in classical theory?
a. Flexible prices. b. Flexible wages. c. Long-run full employment. d. All of these.
Suppose Elizabeth Gardner quit her job as a piano teacher to go into business making appetizers. Which of the following is an implicit cost for her business?
a. cost of rent b. cost of her own labor c. cost of hiring workers d. cost of insurance e. cost of raw materials
Which of the following is not an advantage of fixed nominal exchange rates?
a. They secure the international competitive position of a nation. b. They can reduce short-term business risks associated with international payments for trade. c. International price comparability is promoted. d. Nations can reduce or eliminate the cost of hedging.