Change in "total factor productivity" may be explained by
A) the relative rates of growth of crime and pollution control measures.
B) changes in the quality and composition of the labor force.
C) changes in the scale of production.
D) All of the above.
B
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Which of the following is true?
i. A rational choice is made on the margin. ii. Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii. Economists try to understand how the economic world works by testing normative statements. A) only ii B) only i C) only iii D) i and ii E) i and iii
The price system features
A) exchanges made in currency only. B) voluntary exchange that makes both the consumer and producer better off. C) exchanges made only on a barter basis. D) an exchange in which consumer is made better off and the producer is made worse off.
Once the Federal Trade Commission's (FTC) Bureau of Consumer Protection investigators have decided that a company's advertising is illegal, it can do all of the following except which one?
A) prevent the company from selling its product B) attempt to convince the company to cease its advertising C) attempt to convince the company to change its advertising D) issue a cease -and-desist order
Which of the following statements reflect sound economic reasoning?
a. Foreign competition will reduce the wealth of Americans. b. If it is more economical to acquire a good through trade than by self-production, it makes sense to trade for it. c. If domestic production of a good will employ lots of people, the good should be produced domestically. d. Higher tariffs will increase the total volume of international trade.