Which of the following changes would contribute to a nation's rapid long-run economic growth?
A. faster technological progress
B. faster population growth
C. less physical capital per worker
D. lower levels of average human capital
Answer: A. faster technological progress
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The figure above shows Ilene's budget line. If the price of a can of cat food rises, her budget line rotates so that the vertical intercept is
A) unchanged, but the horizontal intercept is closer to the origin. B) unchanged, but the horizontal intercept is farther away from the origin. C) farther away from the origin, but the horizontal intercept is closer to the origin. D) closer to the origin, but the horizontal intercept is farther away from the origin.
Blood tests administered to applicants for medical insurance are an example of an attempt by insurance companies to deal with the problem of
A) moral hazard. B) the drug abuse problems currently plaguing the country. C) adverse selection. D) failure of policyholders to keep paying their premiums.
Suppose a report on the internet indicates that job prospects for graduates are bright because full employment is achieved automatically. Economists are likely to
a. be disappointed in the degree of economic understanding possessed by the author of the report b. be excited about the earning potential of new entrants into the labor market c. be anxious about inflationary indicators d. anticipate a recession e. encourage a tax cut to stimulate the economy
The so-called collective action problem is the reason why:
A. Taxpayers are not able to effectively counter special interest groups B. Corporations have board of directors C. We have local and national elections D. Majority voting can lead to economically inefficient outcomes