In what two ways can education contribute to economic growth?
What will be an ideal response?
Increased knowledge and skills of people complement current investments in physical capital. Education enables a workforce to use its skills to develop new ideas or copy ideas or import them from other nations.
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When policy makers attempt to focus on internal balance, they
A) must be talking only about domestic goals. B) must be talking about domestic and international goals. C) must consider both domestic policy and trade. D) Any of the above might be considered internal balance.
Which of the following statements about marginal utility is correct?
a. When marginal utility is negative, an increase in the quantity will increase total utility. b. When marginal utility is decreasing, an increase in quantity will decrease total utility. c. When marginal utility is positive, an increase in quantity will decrease total utility. d. When marginal utility is zero, an increase in quantity will leave total utility unchanged. e. When total utility is increasing, marginal utility will be negative.
To maintain market power, firms will sometimes purchase their competitors.
Answer the following statement true (T) or false (F)
Microeconomics studies the allocation of
A) decision makers. B) scarce resources. C) models. D) unlimited resources.