According to new growth theory,
A) growth in real GDP per capita occurs only if there are increasing returns.
B) technological change is influenced by economic incentives.
C) economic growth is determined by forces outside the control of the market system.
D) centrally-planned economies are the most efficient.
B
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Who benefits primarily from rent controls?
A) construction workers B) poor people looking for low-income housing C) all who want to rent D) only renters who are able to get units at below-market rates
Branding allows monopolistically competitive firms to:
a. achieve allocative efficiency b. increase demand and profits. c. produce at the lowest marginal cost. d. achieve productive efficiency.
If a decrease in income results in an increase in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.
A. a normal good; positive B. a normal good, negative C. an inferior good; positive D. an inferior good; negative
If you use $1,000 to purchase silver bullion, which you plan to keep in a safe, you are using money as:
A. a medium of exchange. B. a store of value. C. bank reserves. D. a unit of account.