When maximizing economic growth is a country's goal it:
A. creates a perfect correlation to happiness, if the money is allocated fairly.
B. everyone in the economy will be better off if it obtains its goal.
C. may work in opposition to the country's happiness in terms of satisfaction gained from leisure.
D. increases the correlation to the country's happiness, because more money makes people happier.
Answer: C
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Why might the use of more advanced technology not be a sufficient condition for sustained economic growth?
What will be an ideal response?
When prices drop in response to a decline in demand for an increasing cost industry:
a. producer surplus will increase but rents may decrease. b. rent earned by elastically supplied inputs will decline by more than rent earned by inelastically supplied inputs. c. rent earned by elastically supplied inputs will decline by less than rent earned by inelastically supplied inputs. d. both producer surplus and rents will increase.
The assumption of ceteris paribus holds well in the real world
a. True b. False Indicate whether the statement is true or false
The local department store might have been considered ________ before technological change.
A. a perfect competitor B. a natural monopoly C. an oligopoly D. a monopoly