Discuss the meaning of the statement: “Human history teaches us that economic growth springs from better recipes, not just more cooking.”
What will be an ideal response?
Economic growth arises largely from increases in labor productivity (“better recipes”) rather than increases in the quantity of labor inputs (“more cooking”). Among the most important factors increasing labor productivity, accounting for some 40 percent of this factor, is technological advance. It includes not only new innovations in production but also better managerial techniques that improve the process of production.
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Household consumption primarily depends on:
A) disposable income. B) the interest rate. C) marginal propensity to import. D) credit card debt.
In order for an individual to receive a black belt in karate, they must pass a series of tests designed by a third party. An announcement listing those individuals who received their black belt in karate is an example of ________.
A) a trademark B) screening C) moral hazard D) a certification
A perfectly competitive firm will always maximize profits by producing where
A. per-unit costs are lowest. B. total costs and total revenue are equal. C. P = MC. D. P = AC.
The Bretton Woods agreement was reached
a. immediately after the Civil War b. just before World War I c. just after World War I d. just after the Great Depression e. toward the end of World War II