Which of the following is not a supply factor in economic growth?
A. The stock of capital.
B. Technological advance.
C. The size and quality of the labor force.
D. Aggregate expenditures of households, businesses, and government.
D. Aggregate expenditures of households, businesses, and government.
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A firm with market power will be able to sell all of their output at any price they desire.
Answer the following statement true (T) or false (F)
The imposition of tariffs on Korean steel has led to ________ in imports of Korean steel to the United States and ________ the price of steel in the United States
A) an increase; raised B) no change; raised C) a decrease; raised D) an increase; lowered E) a decrease; no change in
According to the quantity theory of money, if the money supply grows at 20 percent and real GDP grows at 5 percent, then the inflation rate will be
A) 15 percent. B) 20 percent. C) 25 percent. D) 100 percent.
If a firm’s activities generate detrimental externalities, the marginal social cost will be less than the marginal private cost.
Answer the following statement true (T) or false (F)