Refer to Figure 2-4. Consider the following movements: a. from point V to point W b. from point W to point Y c. from point Y to point Z. Which of the movements listed above represents economic growth?
A) b and c only
B) a, b, and c
C) c only
D) b only
Answer: A) b and c only
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Who can determine the true cost of a tin whistle?
A) A good accountant B) A good economist C) A good tin whistle collector D) Nobody
Labor productivity increases with
A) increases in consumption expenditure. B) increases in depreciation. C) increases in capital. D) All of the above answers are correct.
The United States need never pay off the national debt; it can simply refinance the debt when it comes due. The flaw in thinking that the government must pay it off is based on the fallacy of
a. benefit-cost ratio. b. post hoc, ergo propter hoc. c. composition. d. a priori expectations.
The accompanying figure shows the annual demand for haircuts for one person in the town of Beaumont. There are a total of 300 residents in Beaumont, each with this same demand curve. 
If the residents of Beaumont purchase a total of 1,800 haircuts each year, then the market price for a haircut must be:
A. $20. B. $30. C. $35. D. $40.