The theory of economic growth focuses on the
A. growth of real income equality in the long run; not on the growth of real income in the short run.
B. growth of resources in the long run, not on the efficiency of resource use in the short run.
C. growth of potential output over the long run, not on fluctuations in the level of economic activity in the short run.
D. advancements in technology over the long run, not on short-run increases in real GDP.
Ans: C. growth of potential output over the long run, not on fluctuations in the level of economic activity in the short run.
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The income elasticity of demand for all goods taken together must be
A) zero. B) -1. C) +1. D) between 0 and 1.
Total costs equal
a. Fixed costs b. Variable costs c. Sunk costs d. Fixed costs plus variable costs
Which of the following explains the Phillips curve trade-off?
a. workers' focus on job security as the economy expands rapidly b. firms weaken their resistance to wage pressure during periods of rapid economic growth c. firms' ability to pass along higher wage rates in the form of higher prices during recessions d. an unusual increase in resource supply e. workers' insistence on wage increases during recessions to compensate for unemployment
Which of the following jobs is least likely to be outsourced?
A. Technical assistance over the phone for your computer B. Transcription of physicians' records C. Software design D. Flipping hamburgers