Which statement is FALSE?
A. Technological change is the key to productivity growth.
B. Productivity is output per unit of input.
C. The only way to build up capital is to consume more and save more.
D. In the 1950s, 1960s, and 1970s, Americans managed to save about 7-8% of disposable income.
C. The only way to build up capital is to consume more and save more.
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Refer to the above figure. Which arrows represent items that are not measured in dollar terms?
A) Arrows A and B B) Arrows C and D C) Arrows A and D D) Arrows B and C
Economic profit sends a signal to entrepreneurs by telling them where
A) price exceeds marginal cost. B) there are many buyers and many sellers. C) the shutdown point is. D) an above normal return on investment can be earned.
Which of the following are theories meant to explain "Why Price Levels are Lower in Poorer Countries"?
A) only Bhagwati-Kravis-Lipsey B) only Balassa-Samuelson C) only Goldberg-Knetter D) Bhagwati-Kravis-Lipsey and Balassa-Samuelson E) Bhagwati-Kravis-Lipsey and Goldberg-Knetter
Which of the following is concerned with the distribution part of resource allocation?
A. An economy decides to produce equal quantities wheat, rice, and clothes. B. An economy decides to use 25 percent of the available capital for producing clothes. C. An economy decides to ration 40 percent of its output to low income groups. D. An economy decides to use more labor for producing wheat and rice.