The existence of money leads to
a. greater specialization in production, but not to a higher standard of living.
b. a higher standard of living, but not to greater specialization.
c. greater specialization and to a higher standard of living.
d. neither greater specialization nor to a higher standard of living.
c
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From 1900 to 2013 real GDP per person in the U.S. has ________
A) doubled B) grown by a factor of four C) grown by a factor of nine D) grown by a factor of twenty E) declined
Which of the following is an example of a local monopoly as compared to a national or international monopoly?
a. a restaurant at a rural crossroads b. Alcoa during the 19th century c. De Beers Consolidated Mines d. AT&T e. U.S. Postal Service
Human capital is defined as the:
A. amount of capital that is operated by workers in a firm. B. amount of capital that is operated by workers in an industry. C. amount of workers a firm employs. D. set of skills, knowledge, experience, and talent that determine the productivity of workers.
What are the three basic economic questions each society must answer?
A. What to produce: how to produce: for whom to produce B. How much to produce: what quality to produce: and what price to sell at C. What to produce; how to much to produce, how to consume D. How much goes to government: how much goes to consumers; how much is exported