What is the effect on society of a falling growth rate in productivity?
A. Resources are used more efficiently.
B. The standard of living drops.
C. Inflation is prevented.
D. Increased labor disputes may occur.
B. The standard of living drops.
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Which of the following is NOT a major concern of international economic theory?
A) protectionism B) the balance of payments C) exchange rate determination D) bilateral trade relations with China E) the international capital market
One of the major issues that arose during the Doha round of negotiations involved complaints by ________ about ________
A) developing countries; agricultural subsidies. B) manufacturers; intellectual property C) industrialized countries; enforcement of contracts D) Eastern European countries; European Union tariffs E) South and Central American countries; domestic content requirements
Rent is defined as the
a. payment received for the use of an asset b. cost to an entrepreneur for using his or her own resources c. difference between what a resource receives and the cost of bringing that resource into production d. difference between the total revenue earned from selling a good and the cost of bringing the good into being e. selling value of land
What does the specificfactors model allow us to analyze?
a. the returns to factors of production b. the allocation of resources between sectors c. the returns to factors of production and the allocation of resources between sectors d. the allocation of resources to the service sector