Economic growth occurs because
A) labor forces grow.
B) capital stocks grow.
C) new inventions raise productivity.
D) All of the above.
D
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The increase in the proportion of tertiary employment over time at the expense of both primary and secondary employment
(a) is peculiar to the western industrial countries. (b) is strictly an American phenomenon. (c) is present generally in all industrial countries. (d) is restricted to countries with relatively small government sectors.
Under a pure command system of government, decisions are made by:
a. firms. b. households. c. the central government. d. banks.
When aggregate demand shifts right along the short-run aggregate supply curve, unemployment
a. falls, so there are upward pressures on wages and prices. b. falls, so there are downward pressures on wages and prices. c. rises, so there are upward pressures on wages and prices. d. rises, so there are downward pressures on wages and prices.
A monopoly sets a price of $50 per unit for an item that has a marginal cost of $10. Assuming profit maximization, the implicit demand elasticity is
A) -0.2. B) -0.8. C) -1.25. D) -5.0.