Economic growth refers to long run increases in
A) prices.
B) tax rates.
C) population.
D) GDP per capita.
Answer: D) GDP per capita.
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A country with no trade and no borrowing and lending relationships with other countries is known as a(n)
A) closed economy. B) planned economy. C) open economy. D) market economy.
The graphical device that illustrates the concept of scarce resources being efficiently utilized in the economy is a(n)
a. budget line. b. indifference curve. c. production possibilities frontier. d. marginal cost curve.
All consumers in the market enjoy a consumer surplus.
Answer the following statement true (T) or false (F)
A disadvantage of the corporate form of business organization is
A. double taxation. B. unlimited liability for shareholders. C. limited access to capital. D. that the corporation can only do business in the state where it was incorporated.