Which of the following is a normative statement about economic growth?
A) Economic growth hurts developing countries.
B) Economic growth increases GDP per capita.
C) Foreign direct investment stimulates economic growth.
D) Economic growth is associated with higher labor productivity growth.
A
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Say's Law is the idea that
a. in the long run, the economy reaches full employment automatically b. the aggregate production function, along with the labor market, determines the economy's level of output c. total output will always exceed total spending d. whenever a good or service is produced, an equal amount of income is created e. markets always clear
Addictive substances such as tobacco have long-run demand that is more ______ than short-run demand. In other words, the consumption of addictive substances ______ price sensitive and raising prices ______ reduce consumption over time.
a. price elastic; is; will b. price inelastic; is; will c. price inelastic; is not; will not d. price elastic; is not; will not
Judy has just looked through her favorite catalog that came in the mail and has placed an order. The catalog is an example of
A. mass marketing. B. direct marketing. C. indirect marketing. D. interactive marketing.
Since the 1930s, the U.S. government has supported agriculture with a "farm program" that includes the following, except:
A. Price ceilings for farm products B. Agricultural research C. Farm crop insurance D. Soil and water conservation