What would be shown through a sustained increase in real output per capita?
a. the size of budget surpluses
b. efficient use of scarce resources
c. the value of human capital
d. long-term economic growth
d. long-term economic growth
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The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use. B. baseball diamonds have become larger. C. the average quality of batters has fallen. D. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
Tariff revenue is an important source of operating revenue for many governments of high income countries
Indicate whether the statement is true or false
Which of the following will most likely happen when better technology is used in production?
A) an upward movement along the production possibilities curve B) an outward shift of the production possibilities curve C) an inward shift of the production possibilities curve D) a downward movement along the production possibilities curve
Which procedure seems to be most useful to structure a macroeconomic analysis?
a. (1) Describe the economic setting in the three key markets; (2) Analyze the chain reaction of economic causes and effects; (3) Identify the economic shock. b. (1) Analyze the chain reaction of economic causes and effects; (2) Identify the economic shock; (3) Describe the economic setting in the three key markets. c. (1) Identify the economic shock; (2) Analyze the chain reaction of economic causes and effects; (3) Describe the economic setting in the three key markets. d. (1) Identify the economic shock; (2) Describe the economic setting in the three key markets; (3) Analyze the chain reaction of economic causes and effects. e. (1) Describe the economic setting in the three key markets; (2) Identify the economic shock; (3) Analyze the chain reaction of economic causes and effects.