Which one of the following is a key to economic development?
A) an educated population
B) the removal of property rights
C) the preservation of established means of production
D) a high level of protection against imported products
A
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Using the information in situation 20-2, if government spending increases by $100, then the equilibrium aggregate output will change by
A) -$1,000. B) -$100. C) $100. D) $1,000.
The two economists associated with the development of the theory of monopolistic competition were
A) Joan Robinson and Edward Chamberlin. B) David Hume and Adam Smith. C) John Neville Keynes and John Maynard Keynes. D) Carl Menger and Eugen Von Bohm-Bawerk.
What is one benefit likely to result from population growth?
a. more efficient production unit sizes b. greater economic growth per capita c. a more educated workforce d. better property protection
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.