A key factor that leads to economic growth is
A) human capital accumulation.
B) increasing current consumption.
C) avoiding the opportunity cost of investment.
D) Both answers A and B are correct.
A
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Each firm in a perfectly competitive industry
A) produces a good that is slightly different from that of the other firms. B) produces a good that is identical to that of the other firms. C) attains economies of scale so that its efficient size is large compared to the market as a whole. D) has control over at least one unique resource to separate themselves from their competitors. E) has an important influence on the market price of the good or service being produced.
Economic profit is always positive when
A. accounting profit is positive. B. accounting profit is zero. C. accounting profit is greater than the firm’s opportunity costs. D. accounting profit is less than the firm’s opportunity costs.
The price of milk increases. Which of the following is NOT part of the likely chain of events that follows from this price change?
A) Some milk consumers reduce their consumption of milk. B) Milk producers increase their production of milk. C) The producers of feed for dairy cows increase production. D) The manufacturers of milking machines lay off some workers.
Chinese leader Deng Xiaoping began what process in the 1980s?
A. Moving the economy toward central planning B. Globalization C. Shifting away from a centralized economy D. The Chinese cultural revolution