Which of the following has made the greatest contribution to economic growth over time?
A. Research and development.
B. Improved human capital.
C. Improved management techniques.
D. Higher ratios of capital to labor.
Answer: A
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Which of the following statements is TRUE?
A) The long-run aggregate supply curve is upward sloping. B) The long-run aggregate demand curve is upward sloping. C) The short-run aggregate supply curve is vertical. D) The long-run aggregate supply curve is vertical.
Suppose Carrie's utility function for clams is as follows: If she consumes 1 clam, she gets 10 units of total utility; for 2 clams, she gets 18 units of total utility; for 3 clams, she gets 24 units of total utility; for 4 clams, she gets 28 units of total utility; for 5 clams, she gets 30 units of total utility; and for 6 clams, she gets 26 units of total utility
a. Carrie gets 6 units of marginal utility for the 5th clam. b. Carrie gets 6 units of marginal utility for the 3rd clam. c. Carrie would never choose to consume the 6th clam. d. Both b. and c. are true.
Which of the following individuals would be considered unemployed by the official government definition?
a. George, a mathematician, who returned to graduate school after failing to find a job the last four months b. Gwen, a medical student, who is still in college and is not working c. Morgan, who is employed part-time but desires a full-time job d. Ralph, an auto worker who was laid off at a General Motors plant and is looking for another job
The welfare loss from an import quota is greater than that of an equivalent tariff because
A) tariff revenues can be used to society's benefit. B) the loss in consumer surplus is not as large. C) domestic producers gain more from a quota than from a tariff. D) tariff revenues represent an additional deadweight loss.