A variable that is essential to economic growth is:
A. savings.
B. capital.
C. technology.
D. All of these are important to economic growth.
D. All of these are important to economic growth.
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The U.S. Census Bureau estimates the number of illegal immigrants by subtracting the:
A. Sum of the past annual flows of legal immigrants from the past annual inflows of all immigrants B. Current number of legal immigrants from the current total number of all immigrants C. Current of legal immigrants from the past annual inflows of all immigrants D. Sum of the past annual flows of legal immigrants from the current total number of all immigrants
Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. If the government places a $1.20 tariff on imported units of this good, by how much is consumer surplus reduced?
A. $14,450 B. $5,400 C. $12,000 D. $3,600
Economists assume people behave rationally, which means that people
A. have the necessary information to always make correct decisions. B. never make a mistake. C. always understand the consequences of their decisions. D. do not intentionally make decisions that make themselves worse off.
Which of the following statements is CORRECT?
A) When demand increases, both the price and the quantity increase. B) When demand decreases, the price rises and the quantity decreases. C) When supply increases, the quantity decreases and the price rises. D) When supply decreases, both the price and the quantity decrease.