A country could effectively increase its productivity and per capita economic growth rate by ______.
a. promoting larger families
b. investing in physical capital
c. requiring children to work rather than attend school
d. encouraging citizens to consumer their incomes
b. investing in physical capital
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In an economist's view, a cartel usually offers to society
a. all the cost benefits of large-scale production and none of the allocative inefficiencies of monopoly. b. all the cost benefits of large-scale production and all of the allocative inefficiencies of monopoly. c. none of the cost benefits of large-scale production and none of the allocative inefficiencies of monopoly. d. none of the cost benefits of large-scale production and all of the allocative inefficiencies of monopoly.
Scarcity occurs in both wealthy societies and poor societies
Indicate whether the statement is true or false
Comparisons of economic activity over time should be made using:
A. real GDP. B. current-dollar GDP. C. nominal GDP adjusted for unemployment. D. nominal GDP per capita.
The most important function of the Fed is to
A. provide a system for collecting and clearing checks. B. support the federal government's deficit spending by buying government securities. C. regulate the money supply. D. collect taxes.