For economic growth to increase living standards
A. society must acquire more resources.
B. the rate of growth must exceed the rate of population increase.
C. society must discover ways of using available resources more efficiently.
D. the choices available to consumers must increase.
Answer: B
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Affirmative action programs,
a. according to critics, are clearly quota systems that lead to reverse discrimination. b. according to supporters, make efforts to find qualified minorities and women and hire them. c. according to critics, clearly lead to the hiring of unqualified people and thus reduce efficiency. d. All of the above are true.
A manufacturer produces 1,000 units, regardless of the market price. For this firm, the price elasticity of supply is
a. infinity. b. zero. c. one. d. negative one.
In general, we would expect the marginal cost of pollution abatement to be
A. decreasing. B. increasing. C. zero. D. constant.
An increase in the saving rate results in a higher steady state ________
A) growth rate of capital B) growth rate of output per worker C) level of consumption per worker D) level of capital per worker