According to the neoclassical growth model, economic growth occurs because of
a. increasing returns to scale.
b. exogenous increases in technology.
c. international trade that can increase knowledge.
d. government policy which encourages savings.
e. all of the above.
E
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For conducting marginal analysis, individuals compare ______.
A. marginal interest and marginal price B. marginal wage and marginal yield C. marginal benefits and marginal costs D. marginal utility and marginal productivity
Which of these examples is an example of price discrimination?
A. Seniors pay one price at the movie theater and adults pay more. B. Cereal manufacturers put discount coupons inside their cereal boxes. C. Wholesale prices differ from retail prices. D. Goods are marked down on sale.
Capital, as economists use the term,
A. is the money the firm spends to hire resources. B. refers to things that have already been produced that are in turn used to produce other goods and services. C. is money the firm raises from selling stock. D. refers to the process by which resources are transformed into useful forms.
If Belgium has exports of 50 billion euros and imports of 40 billion euros, then it is running a trade deficit.
Answer the following statement true (T) or false (F)