Without technological advancement, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods
B) through an increase in supplies of factors of production
C) by producing more low-value goods and fewer high-value goods
D) by decreasing the size of the labor force
Answer: B
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One reason that the aggregate demand curve has a negative slope is because
A) firms supply more when prices rise. B) people buy more foreign goods when the domestic price level rises. C) the amount of money in the economy increases when the price level rises. D) firms supply less when prices rise.
Using the Lorenz curve, the degree of income inequality is measured by
a. The line connecting all points for which a given percentage of families receives exactly the cumulative percentage of income b. the distance of the Lorenz curve from the line of perfect equality c. the flat diagonal line that applies to a perfectly elastic demand curve d. the number of times the Lorenz curve crosses the line of perfect equality e. is derived by dividing the number of people below the poverty line by the total population
According to the text, the essence of good management is:
A) to determine when a free lunch is actually free. B) to be sure there are not "too many chefs stirring the broth." C) to ensure that the reputation of the firm remains high. D) to ensure that the stock price remains high. E) to determine whether the implementation of a practice increases the value that a firm adds.
From Table 2.2, which column is the one for shortage? 
A. column A B. neither A nor B C. column B D. either A or B are equally likely