If technological advance is crucial to growth, then countries must increase their spending most rapidly on
a. investment
b. education
c. research and development
d. basic human needs
e. all of the above
C
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Government regulation of the prices charged by monopolies is an example of
a. safety regulation b. economic regulation c. Herfindahl regulation d. antitrust regulation e. antimerger regulation
If new regulations make it illegal to sell older model electrical appliances, then
a. producers of new models that meet the regulations will see demand for their output rise. b. consumers who might have purchased to older appliances are clearly made better off. c. consumers are helped, but the profits of appliance producers are not affected. d. consumers will certainly gain from the change.
As price falls, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).
The theory of purchasing power parity says:
A. the real exchange rate is always less than one. B. the dollar price of a basket of goods in the U.S. should equal the yen price of a basket of goods in Japan. C. a dollar should buy the same goods no matter where in the world you go. D. the real exchange rate is always greater than one.