Economic growth can be obtained
A) by government legislation.
B) by a change in the level of inputs or an improvement in technology.
C) only through a change in the level of inputs, hence the desire for conquest throughout the history of the world.
D) only through a change in technology, which explains the explosive growth of the United States.
B
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When the Fed sells foreign assets and buy domestic assets at the same time,
A) its assets and liabilities rise by the same amount. B) its assets and liabilities fall by the same amount. C) the composition of its assets changes, but its liabilities are unaffected. D) the composition of its liabilities changes, but its assets are unaffected.
Which of the following is not a macroeconomic issue?
a) Unemployment b) Inflation c) The wages paid to footballers d) Economic growth
E1 is demand elasticity for Minute Maid orange juice, E2 is demand elasticity for all orange juice, and E3 is demand elasticity for all fruit drinks. Then
A. |E1| > |E2| > |E3| B. |E3| > |E1| > |E2| C. |E2| > |E3| > |E1| D. |E3| > |E2| > |E1|
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.