A nation's automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by:
a) land and natural resources
b) human capital
c) technology
d) production possibility curve
Ans: c) technology
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The MCE function represents the
a. marginal cost of enforcement incurred by the government b. marginal cost of the externality linked to environmental pollution c. market cost of a given environmental policy initiative d. extra cost of the engineering approach
The _____ clause in an insurance policy relieves the insurer of responsibility to pay for policyholder's losses below a pre-specified amount
a. propitious selection b. coinsurance c. vigilance d. deductible
If the marginal propensity to consume is 0.8, and aggregate expenditure initially increases by $100 million, then the aggregate demand curve will shift outwards by $500 million, holding the price level constant
Indicate whether the statement is true or false
Which of the following is a cost of inflation?
a. shoeleather costs b. menu costs c. relative price variability d. All of the above are correct.