Related to the Economics in Practice on p. 630: The emigration of Jewish scientists from Germany to the United States in the late 1930s and early 1940s is an example of a(n) ________ in the United States.
A. decrease in disembodied technical change
B. decrease in embodied technical change
C. increase in physical capital
D. increase in human capital
Answer: D
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The United States had serious difficulties fighting inflation in
A) the 1970s. B) the 1980s. C) both the 1970s and the 1980s. D) every decade since World War II.
Suppose you know I am only about consumption this year and consumption next year. Suppose also that I have an income this year but do not expect to have an income next year. Explain your answers. ? a. You notice that I save more after the interest rate falls. Can you tell whether "consumption now" is a normal, inferior or Giffen good? ? b. Suppose I also received an unexpected raise at work and you overhear me say: "Cool, I am even Steven. Now that I have my raise, I am just as happy as I was before the interest rate fell and I did not yet have a raise." Without knowing anything more, can you tell whether I consume more or less next year than I would have consumed had neither of the two changes happened?
What will be an ideal response?
The economic growth model predicts that
A) GDP per capita of poor countries will grow more rapidly than in rich countries. B) GDP per capita of poor countries will never change. C) Governments must centrally direct the economy for growth to occur. D) GDP per capita of rich countries will grow more rapidly than in poor countries.
Utility measurements are:
A. a relative ranking of how much different people enjoy a particular good. B. used to compare one person's preference for a good to another person's preference. C. a relative ranking of the satisfaction a person gets from alternative combinations of things. D. None of these is true.