During the recent past, production and income have grown faster than population in highly developed economies because
A. of the availability of expensive and ineffective birth control devices.
B. of rapid technological advancements.
C. accumulation of both physical and human capital has slowed down.
D. famine, war, and pestilence have greatly reduced the population.
B. of rapid technological advancements.
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The Coase theorem is the proposition that if property rights exist, the number of parties is small, and transactions costs are low
A) external costs result in deadweight losses. B) external benefits result in deadweight losses. C) private transactions are efficient. D) public transactions are efficient.
The Fed increases the money supply by buying securities for $300 million. The impact of this increase, in the long-run, would be to
A. raise the average price level and increase the level of real GDP. B. raise the average price level, but real GDP (output) would stay the same. C. raise the real supply of loanable funds, lower the interest rate, and increase the demand for output. D. raise the real supply and demand for loanable funds with an increase in the interest rate.
The infant industry argument for protectionism suggest that an industry must be protected in the early stages of its development so that: a. firms will be protected from subsidized foreign competition
b. domestic producers can attain the economies of scale to allow them to compete in world markets. c. there will be adequate supplies of crucial resources in case they are needed for national defense. d. domestic unemployment will be reduced.
A competitive firm will use a factor of production as long as its marginal revenue product exceeds its unit cost.
Answer the following statement true (T) or false (F)