All of the following are keys to economic development EXCEPT
A) establishment of a system of property rights. B) minimizing "creative destruction."
C) open economies. D) an educated workforce.
B
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The labor force includes people who
i. are less than 16 years of age. ii. are in institutions. iii. are actively seeking a job but do not have a job. A) i, ii, and iii B) i only C) iii only D) i and ii E) i and iii
The tragedy of the commons occurs because some goods are ________ in consumption
A) excludable B) non-excludable but rival C) non-rival and non-excludable D) non-rival
Which of the following statements is NOT consistent with new growth theorists' beliefs?
A. Innovation can lead to lower productivity costs. B. Technology must be understood in terms of what drives it. C. Rewards lead to technological advances. D. Inventions are much more important than innovation.
Real business cycle theory emphasizes the effect of ________ on real Gross Domestic Product (GDP).
A. the money supply B. aggregate supply shocks C. government spending D. aggregate demand shocks