Most economists agree that ________ are the single most important source of economic growth.
A. increases in physical capital
B. technological advances
C. increases in human capital
D. discoveries of natural resources
Answer: B
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Which of the following leads to the tragedy of the commons?
A) The use of common pool resources above the socially optimal level B) The low level of satisfaction derived from the use of common pool resources C) The high rate of taxation on common pool resources D) The tendency of consumers to use common pool resources without paying for them
The aggregate supply curve in the classical model is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
What happens when the central bank decides it will sell bonds using open market operations?
a. Interest rates decrease. b. The money supply increases. c. The money supply decreases. d. The money supply is unaffected.
The peak oil hypothesis says that the annual world production of oil
a. will not peak for several hundred years. b. peaked in the past two decades and is now rapidly declining. c. will peak in the coming decades and then decline. d. is now peaking and a major decline is imminent.