The school of economic thought that emphasized the importance of incentives to encourage savings, investment, and productivity is known as ________ economics.
Fill in the blank(s) with the appropriate word(s).
supply-side
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If two variables have the same rate of growth over the long run, their ratio will:
A) remain constant over the long run. B) initially decrease and then increase. C) decrease over the long run. D) increase over the long run.
Pooling of risk occurs when depository institutions
A) make assets more liquid. B) specialize in loaning only to good borrowers. C) bring lenders together. D) lend to a variety of different borrowers.
Socialism is an economic system characterized by:
a. private ownership of resources and market decision-making. b. government ownership of resources and centralized decision-making. c. cooperation, sharing, and little central government. d. a complex structure of rules and traditions that dictates decision-making.
In economics, the short run means a time period
A) during which new firms are prohibited from entering the industry. B) during which firms are not allowed to change the amount of imported resources they use. C) that is between one and five years. D) during which the firm is unable to change its plant size.