Which of the following policies improves prospects for more rapid economic growth?
A) policies to increase government expenditure
B) limitations on international trade
C) policies to increase the educational attainment of the labor force
D) encouragement of political instability
C
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New growth theory is concerned with
A) finding a good way to measure economic growth. B) increasing the savings rate in the U.S. C) understanding the forces that increase productivity. D) understanding how compounding works.
If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
A price decrease causes a consumer's "real" income to:
A. increase. B. remain unchanged. C. decrease. D. decrease or increase depending on the size of the price change.
The ability to exercise control over one's own resources within the confines of the law refers to
A) the free market. B) one's property rights. C) entrepreneurship. D) having an absolute advantage.