If the United States decides to allocate more resources to capital goods and less to consumer goods, the United States will obtain a greater degree of:
A) economic growth.
B) full employment.
C) price stability.
D) technical efficiency.
Ans: A) economic growth.
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All of the following are associated with a mixed economy except
A. some public influence over the workings of free markets. B. public ownership mixed in with private property. C. public ownership of the society’s productive resources. D. different countries blending the state and market sectors in different ways.
What branch of economics involves the collection and use of data to test economic theories? Why is this task often more difficult in economics than it is in physical sciences?
What will be an ideal response?
Explicit revenue minus explicit measurable costs equals:
A. normal profit. B. economic profit. C. average profit. D. accounting profit.
Refer to the table below. The figure for net transfers indicates that the United States:
The following table contains hypothetical data for the U.S. balance of payments in a year. Answer the following question on the basis of these data. All figures are in billions of dollars. U.S. goods exports +$390 U.S. goods imports -498 U.S. service exports +133 U.S. service imports -107 Net investment income +12 Net transfers -22 Capital account -5 Foreign purchases of U.S. assets +156 U.S. purchases of foreign assets -59 A. Received a net public and private transfer of $22 billion from the rest of the world B. Sent a net public and private transfer of $22 billion in remittances to the rest of the world C. Sent a net private transfer of $22 billion to the rest of the world D. Received a net private transfer of $22 billion from the rest of the world