Classical growth theory states that
A) growth is maximized when everyone is fully employed.
B) growth is followed by increases in the population, eventually leaving real GDP per person unchanged.
C) growth in real GDP per person is difficult in the beginning but easier in the later stages.
D) advances in technology will always insure a permanent increase in real GDP per person.
B
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"Cheap talk" is considered cheap because
A) communications via phone or email these days has a cost that is close to zero. B) a firm can say anything, but may actually do something different. C) the cost of talking is far outweighed by the gains to be made in coordinating efforts. D) firms avoid the costs of hiring lawyers.
Gasoline taxes illustrate the benefits-received principle of taxation
a. True b. False
Which of the following is not a factor of production?
A. Land B. Money C. Capital D. Labor
Which one of the following statements about tariffs and quotas is correct?
A. Only the tariff produces revenues for the government. B. Only the quota will cause domestic production to increase. C. Only the quota will cause domestic prices paid by consumers to increase. D. Only the quota will cause the quantity of imports to decrease.