Which of the following events opened the way for rapid and steady technological changes that underpinned modern economic growth?
A) The Agricultural Revolution B) The Industrial Revolution
C) The American Civil War D) Demographic transition in the Western world
B
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How do public goods differ from common pool resources? Explain
What will be an ideal response?
Who is the seller in a primary market and who is the seller in a secondary market?
What will be an ideal response?
Other things equal, the supply of labor will be greater to a job that
a. requires advanced education and training b. requires most working hours be on weekends c. requires hard physical labor d. allows the employee greater discretion in the use of time e. has a higher probability of injury or death
Many economists criticize monopolists because they produce at output levels that are not efficient, that is to say, monopolists
a. charge too high a price b. don't innovate c. produce a large quantity of waste d. usually don't produce at their minimum ATC e. may be profit conscious but they don't realize that maximum profit means maximum efficiency