Which of the following is a driving force underlying economic growth?
a. trade restrictions that protect domestic businesses from competition with foreign producers
b. regulations that require businesses to obtain permission from the government before starting a new business
c. tax increases that expand the revenues of the government
d. entrepreneurial discovery and production of improved products
D
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Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family
A) hamburgers and hot dogs are normal goods. B) hamburgers and hot dogs are substitutes. C) hamburgers and hot dogs are inferior goods. D) hamburgers and hot dogs are complements.
Microeconomics is concerned with the study of
A) the effects of inflation. B) the effects of government spending. C) the effects on individual producers of higher wages paid to workers. D) aggregates.
Regulation that intends to improve the quality of service provided by carpenters will tend to increase the price of their services
a. True b. False
Economic values that are measured in units per period of time are referred to as:
a. stocks. b. flows. c. unit values. d. dollars.