Differences in growth rates and standards of living around the world can largely be attributed to ______.
a. natural resources
b. labor productivity
c. population size
d. innovation
b. labor productivity
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Which of the following is unlikely to occur as a result of a price support program?
A) A reduction in consumer surplus B) A reduction in producer surplus C) An increase in quantity purchased D) An economic cost to government E) Improved economic efficiency
Which of the following statements about Social Security is FALSE?
A) Social Security is an intergenerational transfer where the benefits paid are only roughly related to past earnings. B) Over 90 percent of all employed workers in the United States are covered by Social Security. C) Benefit payments under Social Security are based on the recipient's need. D) Benefit payments under Social Security redistribute income from young to old.
A short run equilibrium:
a. Will be at a greater output level than the natural level of real output. b. Will be at the natural level of real output c. Will be at a smaller output level than the natural level of real output. d. Short-run equilibrium could be at any of the above levels of output.
During a recession, the ideal stimulus is all of the following EXCEPT:
A. theoretical. B. targeted. C. temporary. D. timely.