One of the key factors in the economic success of South Korea was
a. an increase in years of schooling.
b. a reduction in the amount of imports.
c. the creation of new technology.
d. all of the above.
a
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If national real GDP grows at twice the rate of population growth,
a. c and e. b. eventually there will be too much GDP. c. per real capita GDP will double each year. d. per real capita GDP will be reduced by half each year. e. per real capita GDP growth will double each year.
In which of the following situations will both market clearing price and the equilibrium quantity decrease?
A. an increase in demand and no change in supply B. an increase in supply with no change in demand C. a decrease in supply with no change in demand D. a decrease in demand with no change in supply
Refer to the supply and demand graph of Product X below. What would happen if the government taxed the producers of this product because it has negative externalities in production?
A. Supply would increase
B. Demand would decrease
C. Supply would decrease
D. Price would increase
What does the term "marginal" mean in economics?
A) the edge of a market B) an additional or extra C) illegal D) secondary E) trivial