Additional economic growth should be pursued when:
A. scarcity exists.
B. new technologies are discovered.
C. the marginal costs of growth exceed the marginal benefits.
D. the marginal costs of growth are less than the marginal benefits.
Answer: D
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An increase in the expected inflation rate will
A) shift the short-run Phillips curve to the right. B) reduce the inflation rate. C) shift the short-run Phillips curve to the left. D) reduce the unemployment rate.
Productivity growth slowed rapidly after 1973. Bruno and Sachs argue that the slowdown is partially explained by
A) reduced growth in capital per capita since increasing numbers of women entered the labor force. B) the reduction in savings rates caused by inflation and the U.S. tax system. C) the "residual" nature of technological change. D) the rapid increase in the relative price of energy.
Farm prices and total revenue have generally been failing because:
a. productivity in agriculture has been increasing b. demand for farm products is income elastic c. demand for farm products is price elastic d. all of the above
System in which an agency such as a government determines everyone's share.
a. price floor b. price ceiling c. deficiency payment d. rationing