According to new growth theory, discovering and implementing new __________ is what causes economic growth
A) ways of managing personnel
B) manufacturing techniques
C) ideas
D) resource sources
E) none of the above
C
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Which of the following will cause demand to be relatively elastic?
a. There are few substitutes b. The time interval is relatively long c. The good is considered a necessity d. The good involves a relatively small portion of the consumers' budget e. The time interval is relatively short
The Coase theorem states that
a. under certain circumstances government intervention is not needed to reach efficient outcomes when an externality is present. b. government intervention is always required to reach an efficient outcome when an externality is present. c. government intervention cannot lead to an efficient outcome when an externality is present. d. only negative externalities can be resolved using government intervention.
If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:
A. Les has both comparative and absolute advantage in producing pants. B. Les has a comparative advantage in producing pants. C. Les has an absolute advantage in producing pants. D. Eva has a comparative advantage in producing pants.
If the expenditure schedule must be shifted upward to reach potential GDP, then the economy is experiencing a(n)
A. inflationary gap. B. precautionary gap. C. recessionary gap. D. expansionary gap.