A high proportion of the population under the age of 15 undermines economic growth because
a. the young require more infrastructure than older people
b. the young require more capital goods than older people
c. they present such a huge increase in human capital
d. the young consume but they do not produce
e. they increase per capita income
D
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Which of the following best describes the capture theory of regulation?
i. Regulation seeks an efficient use of resources. ii. Regulation is aimed at keeping prices as low as possible. iii. Regulation helps firms maximize economic profit. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
What determines demand and supply in rental markets for capital and land?
What will be an ideal response?
The United States is called a debtor nation because
A) it has a large current account deficit and is simultaneously funded by foreign investment. B) it has a large balance of payments deficit that is used to fund the current account deficit. C) U.S. capital outflows are much greater than U.S. capital inflows. D) it has a large financial account deficit that is used to fund the current account deficit.
When President Harry Truman said that he wanted to find a one-armed economist because his economic advisors always said, "On the one hand... and on the other hand... " he recognized that the advice of economists is often open to more than one interpretation. Why is this? a. Economists cannot make up their minds on policy matters
b. Economists agree with each other on all policy issues. c. Economists are aware that tradeoffs are involved in most policy questions. d. Economists are often unable to identify the critical questions involved in policy issues.