Which of the following statements is FALSE?
A) Saving helps create economic growth.
B) Economic freedom requires property rights.
C) Free international trade helps create economic growth.
D) Improvements in quality of education are important for economic growth.
E) Faster population growth is the key to growth in real GDP per person.
E
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Which of the following is true regarding the measurement of GDP?
A) Wages and profit income are used in the income approach to GDP. B) Wages and consumption are used in the expenditure approach to GDP. C) Consumption and investment are used in the income approach to GDP. D) Government expenditure is only counted in the income approach to GDP. E) Investment and wages are expenditures, and are therefore are used in the expenditure approach to GDP.
Inflation: a. always reduces real income
b. never reduces real income. c. reduces the real income of workers when wages increase more than prices do. d. reduces the real income of workers when wages increase less than prices do. e. increases the real income of workers only when wages increase less than prices do.
Which of the following has also been called the command and control approach?
a. Direct controls b. Voluntary compliance c. Tradable emissions permits d. Taxes on pollution
If the price of inputs decreases, the
A. demand curve will shift to the left. B. demand curve will shift to the right. C. supply curve will shift to the right. D. supply curve will shift to the left.