The costs of economic growth include all of the following except consumption sacrificed for:
A. acquiring new human capital.
B. research and development into new technologies.
C. additional hours of leisure.
D. physical capital formation.
Answer: C
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In the figure above, the curve labeled "X" can be a
A) monopoly's demand curve. B) monopoly's marginal revenue curve. C) perfectly competitive firm's demand curve. D) perfectly competitive firm's marginal revenue curve.
Which of the following statements about labor unions and management during the 1940s is most accurate?
a. The real earnings of workers increased significantly during World War II. b. During World War II there were many strikes. c. There were few strikes during World War II because management frequently locked-out labor before the employees could strike. d. Immediately following the end of the war was a period of significant earnings growth for labor union members.
When equilibrium GDP falls below potential GDP, an inflationary gap exists
a. True b. False Indicate whether the statement is true or false
How would the market for coffee be affected if the government charged an excise tax of $2.00 on each unit of coffee sold?
A. The demand for coffee would decrease. B. The supply curve would shift up vertically by $2.00. C. There would be a shortage of coffee. D. The demand for coffee would increase.