Models of growth that account for technological progress are part of:
A. creative destruction theory.
B. new growth theory.
C. growth accounting.
D. All of these.
Answer: B
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Gene plays another hour of computer games rather than study for the hour even though he knows that the next day, when he takes his test, he will regret his decision. Gene is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
Producer surplus is the:
a. number of producers who are excluded from a market because of scarcity. b. amount of a good that a producers will sell at a price below the equilibrium price. c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good. d. amount consumers are willing to pay for a good minus the cost of producing the good.
As prices rise, people will buy fewer goods and services because:
a. the interest rate has declined. b. aggregate demand has increased. c. the purchasing power of the fixed quantity of money has declined. d. the income of households has increased.
A continuing resolution allows spending to go on
A. for no longer than a year. B. as long as the resolution states. C. for no longer than a week. D. for no longer than a day.