The determinants of economic growth include all of the following except
A. technological improvement.
B. growth in physical capital.
C. growth in human capital.
D. growth in money supply.
Ans: D. growth in money supply.
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An opportunity cost is
A) an opportunity lost. B) only the explicit costs of an action. C) only the costs a person can consciously articulate at the moment of deciding. D) none of the above.
In the early 1960s South Korea was an extremely poor country. However, in 1963, the country began a remarkable economic ascent. What was a direct cause of this?
A) a shift in strategy that emphasized exports rather than imports B) an increase in wages C) an increase in the labor force D) an increase in the money supply E) an emphasis on education, leading to a highly productive labor force
An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:
a. other relevant factors like consumer incomes must be held constant. b. the gasoline prices must first be adjusted for inflation. c. the theory is widely accepted but cannot be accurately tested. d. consumers' need for gasoline remains the same regardless of the price.
The form of public debt that matures in 3, 6, or 12 months is
a. Treasury bond b. Treasury bill c. Treasury note d. U.S. savings bond e. U.S. savings bill