Which of the following is true?
a. Nations achieve high rates of economic growth primarily because of their natural resource endowments.
b. Human and physical capital investments are largely irrelevant to economic growth.
c. Poor nations grow slowly because they do not have access to modern technology
d. A favorable institutional environment will tend to attract more investment in human and physical capital.
D
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Since demand is more inelastic for products that represent a smaller share of your income, which one of the following is true?
a. the demand for shoe laces is more elastic than the demand for shoes b. The demand for oil changes is more inelastic than the demand for cars c. the demand for ear buds is more elastic than the demand for ipods d. the demand for Salt has a more elastic than the demand than meat
The proportion of the adult population that is employed is the:
A. Unemployment rate. B. Employment rate. C. GDP per capita. D. Productivity rate.
The equality-efficiency trade-off refers to:
A.the conflict between risk averters and risk-takers.
B.the willingness of Congress to abandon existing welfare programs in favor of a comprehensive plan to increase education and training for low-income persons.
C.possible conflicts between the goals of economic efficiency and greater income equality.
D.the difference between the goals of income equality and equality of economic opportunity.
The owners of sports franchises often complain that free-agency (open bidding for player services) threatens their profitability and thus their long-run viability. Given your knowledge of perfect competition, which of the following is correct?
A) Team owners might be correct in as much as free-agency bids up the price of players so that economic profits from those players equal zero. B) Team owners might be correct in as much as free-agency bids up the price of players so that economic profits from those players is negative. C) Team owners are lying, as free-agent salaries are still much too low. D) Team owners are telling the truth, as free-agent salaries are much too high.