Almost all variation in living standards is attributable to differences in countries'
a. population growth rates.
b. productivity.
c. systems of public education.
d. taxes.
b
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Comparing the United States to other economies, the United States is one of the ____ economies in the world.
A. most government-supervised B. most privatized C. most government-owned D. least privatized
Assume an economy moves from E1 to e2 to E3. Which of the following statements accurately describes the situation shown?
a. The economy recovers from the recessionary gap by moving from E1 to e2.
b. The economy begins and ends in both short-run and long-run equilibrium.
c. The economy recovers from the recessionary gap by moving from E3 to e2.
d. The economy begins in long-run equilibrium but ends in a recessionary gap.
In Figure 2.1, a "Q*" for equilibrium quantity would go in
A. Box 1. B. Box 2. C. Box 3. D. Box 4.
Suppose you can fly from your home city to New York but only one airline provides the service. This market would be described by
A. monopoly. B. healthy competition. C. oligopoly. D. perfect competition.