Which is a demand factor in economic growth?
A) an increase in total spending in the economy
B)technological progress and innovation
C) more human and natural resources
D) an increase in the econmy's stock of capital goods
A) an increase in total spending in the economy
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Why does redistribution, so that the distribution of income is equal, bring about less total output?
A) Incentives to work are reduced. B) No one can determine marginal benefit or marginal cost as a result. C) Those in political power will likely receive a larger income. D) Because the marginal benefit and marginal cost of work have been equally increased. E) The premise of the question is incorrect because an equal distribution of income would increase rather than decrease the total amount produced.
If the value added of a firm is positive, will the firm necessarily have positive profits?
What will be an ideal response?
Assume that the coefficient of elasticity of product demand is 0.5 in industry A and is 3.2 in industry B. Other things equal, labor demand will be:
A. more elastic in industry A than in B. B. relatively elastic in both industries A and B. C. more elastic in industry B than in A. D. relatively inelastic in both industries A and B.
The price elasticity of demand measures
A. the change in quantity demanded due to a change consumer income. B. the change in price due to a change in demand. C. the responsiveness of price to a change in competition. D. the responsiveness of quantity demanded to a change in price.