Which of the following is the best example of a stock variable?
a. U.S. GDP in 2008
b. The daily sales of economics textbooks
c. Bill Gates' annual salary from Microsoft Corporation
d. The total wealth of the 50 richest U.S. citizens
e. U.S. government purchases during 2008
D
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Economic growth occurs because
A) labor forces grow. B) capital stocks grow. C) new inventions raise productivity. D) All of the above.
To reduce pollution, economists generally prefer a corrective tax to a command-and-control policy because the same goals can be achieved but in an efficient manner with a corrective tax.
Answer the following statement true (T) or false (F)
During the 1930s, labor legislation was
(a) generally favorable to organized labor. (b) generally unfavorable to organized labor. (c) generally neutral with regard to organized labor. (d) virtually the same compared to previous periods.
In allocating time between studying French and studying economics,
a. exam points are inferior goods b. we can think of students "buying" exam points with hours spent studying c. we can think of students "buying" exam points with money d. the demand curve for exam points is upward sloping e. we can think of students "buying" study time for cash