Which of the following statements is true?
a. When central planners set prices above equilibrium for goods and services they create shortages.
b. Adam Smith argued that government's role in society would be to do absolutely nothing.
c. The United States today comes closer to the socialist form of economic organization than it does capitalism.
d. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital.
d
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If you invest $4,000 in a savings account paying 3 percent interest, how much will your investment be worth in 25 years?
What will be an ideal response?
Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth. ii. Real GDP per person will return to subsistence level. iii. Technology drives persistent economic growth. A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii
What is the more efficient choice: sending one's child to John Q. Public High School at zero dollar tuition or to Purebred Prep School at several thousand dollars a year?
A) High school, because it's much cheaper. B) Prep school, because it's much higher in quality of instruction. C) Prep school, because what matters most is not what you know, but who you know. D) It depends on the decision makers' own evaluations of cost and benefit.
Holding everything else constant, if total factor productivity increases, the debt-to-GDP ratio will ________, and if the labor force growth rate increases, the debt-to-GDP ratio will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease