All of the following are preconditions for economic growth EXCEPT i. property rights. ii. democracy. iii. free markets
A) i only
B) ii only
C) iii only
D) Both i and ii
E) i, ii, and iii
B
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Which of the following is true?
A) MSC = MC + Marginal external cost B) MC = Marginal external cost - MSC C) MC = Marginal external benefit + MSC D) MSC = Marginal external cost + marginal external benefit E) MSC = Marginal external cost - marginal external benefit
Which of the following statements concerning economic models is FALSE?
A) Economic models must provide usable predictions. B) Economic models are based on pure fact and no assumptions. C) Economic models are tested empirically. D) Economic models relate to how people behave.
Which of the following is not a probable consequence of food aid to developing countries?
a. Increased domestic food prices b. Declining domestic output c. Misallocation of food supplies d. Increased dependency on foreign food supplies e. Increased starvation of the needy
A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP
a. increases by $40. b. increases by $220. c. increases by $280. d. increases by $1500.