List and describe four factors that can contribute to economic growth
The determinants of economic growth include natural resources, labor, capital, technological advances (through new capital goods or new ways of producing goods), development of human capital, the property rights structure, and economic freedom.
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A country facing a balance of payments deficit will change the pegged value of its currency; this is called a revaluation
Indicate whether the statement is true or false
Danzon and Furukawa (2003) argue that:
a. the provision of government-provided free care increases the availability of newly introduced drugs to everyone covered by the government plan. b. generic competition in the U.S. has not done much to lower drug prices or spending. c. price controls in the U.S. would lower drug prices without affecting the overall availability of branded drugs or lowering incentives for future drug development. d. pharmaceutical price differences across countries are roughly in line with differences in per capita GDP, supporting the predictions of Ramsey pricing practices.
Which of the following is likely to be most capital-intensive?
A. Oil refining in the United States. B. Production of clothing in rural China. C. Farming in developing countries. D. None of the choices are correct.
Which of the following is not a characteristic of a monopolistically competitive market?
A. There are many firms. B. Firms sell products that are similar but not identical. C. Firms must take the market price as given. D. There are no artificial barriers to entry.