Robert Lucas, a Nobel laureate in economics, argues that there are increasing returns to
A) knowledge capital. B) human capital. C) physical capital. D) financial capital.
B
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In a one-period economy, real consumption
A) is always less than disposable income. B) is typically greater than disposable income. C) is exactly equal to disposable income. D) can be greater than, less than, or equal to disposable income.
Calculate the elasticity for each variable and briefly comment on what information this gives you in each case
What will be an ideal response?
In a market system, resources are allocated by
a. the orders of authority b. traditional practices c. prices d. absolute advantage e. production possibilities frontiers
The idea that consumers determine what is produced in the economy through their demands is known as
A. consumer sovereignty. B. free enterprise. C. a laissez-faire economy. D. a command economy.