Some argue that many countries have observed the experience of other countries that have grown more quickly and have ______________ it.
a. collapsed because of
b. learned from
c. settled because of
d. stalled because of
b. learned from
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In Figure 5.1, the marginal utility of income is
A) increasing as income increases. B) constant for all levels of income. C) diminishes as income increases. D) None of the above is necessarily correct.
Which of the following is most likely a quote from the economist John Maynard Keynes?
a. “[Economics] is a doctrine rather than a method, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.” b. “[Economics] is neither a method nor a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.” c. “[Economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.” d. “[Economics] is both a method and a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
What do economists call the per-unit cost of operation?
a. average total cost b. average fixed cost c. average variable cost d. average sunk cost
A country that must reduce current consumption to increase future consumption possibilities
A) must be allocating resources inefficiently. B) must be producing along the production possibilities curve. C) must be producing outside the production possibilities curve. D) must not have private ownership of property.