All of the following contributes to economic development except
A. high saving and investment rates.
B. low population growth rate.
C. the existence of a market economy.
D. abundant exportable natural resources.
Ans: D. abundant exportable natural resources.
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Describe the difference between discretionary and automatic fiscal policy
What will be an ideal response?
When the unemployment rate _________ the natural unemployment rate, real GDP is _________ potential GDP and the output gap is _________
A. exceeds; below; negative B. is below; below; negative C. exceeds; above; positive D. is below; above; negative
Refer to Figure 8.1. At the profit-maximizing level of output, total profit is
A) -$120. B) $0. C) $432. D) $600. E) $603.
In the 1970s, members of the Law and Economics program at the University of Chicago argued that
a. per se rules should be adopted by the Supreme Court and used to decide antitrust cases. b. large firms should always be broken up in order to encourage competition. c. large market shares may be due to efficient management or innovation. d. courts should "get out of the antitrust business".