Which of the following countries has the MOST physical capital?
a. the United States
b. China
c. Japan
d. India
Ans: a. the United States
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Economic growth is driven by several factors, including
A. the health of the Social Security trust fund. B. education and skill levels of workers. C. government investment in welfare. D. a progressive tax on income.
Refer to the information provided in Figure 5.4 below to answer the question(s) that follow.
Figure 5.4Refer to Figure 5.4. The demand for milkshakes is unit elastic at Point C. If a store reduces the price of a milkshake from P3 to P4, its total revenue will
A. either increase or decrease. B. remain constant. C. decrease. D. increase.
Proponents of economic growth claim that growth leads to greater equality of income in an economy.
a. true b. false
A consequence of the quota that has been imposed on the importation of sugar into the United States is
A) competition in the U.S. sugar market is reduced. B) the market for sugar in the United States has become monopolistically competitive rather than oligopolistic. C) the cost of producing cereal, chocolate, and candy products in the United States is reduced. D) consumers are protected from eating unsafe products made from cheap imported sugar.