Which of the following is not considered a factor contributing to economic growth?
a. Growth in the quantity and quality of labor resources used
b. Growth in physical capital inputs (machines, tools, buildings, and inventories)
c. Growth in the money supply relative to the growth of final goods and services
d. Government protection of property rights
c
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In Figure 11.1, an increase in consumer wealth is represented by a change in the consumption function from
A) C1 to C3. B) C3 to C1. C) C2 to C1. D) C1 to C2.
Free trade ________ living standards by ________ economic efficiency
A) lowers; eliminating B) raises; equalizing C) lowers; decreasing D) raises; increasing
Which of the following is not an example of price discrimination?
A) Unlike foreign tourists, citizens of Cambodia are exempted from paying an admission fee to the temples of Angkor. B) Senior citizens may purchase special fare tickets for public transportation that are not available to others. C) Adobe Systems offers software at discounted prices to students and faculty at K-12 and university levels. D) Buyers at an automotive parts store receive a discount for bulk buying because the store is able to pass on to its customers some of the lower average cost for producing large quantities.
A market structure in which two firms control the market is a
a. monopoly. b. monopolistic competition. c. perfect competition. d. duopoly.