Which of the following is most important if the living standards of people residing in a country are going to improve?
a. growth of population
b. growth of per capita GDP
c. growth of the money supply
d. growth of government expenditures as a share of GDP
B
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Most economists believe that there are positive externalities in education. One can conclude that a free market would fail to give the socially optimal outcome because in comparison to the socially optimal (efficient) equilibrium, the inefficient equilibrium
A. price and quantity would be too high. B. price would be too low and quantity would be too high. C. price and quantity would be too low. D. price would be too high and quantity would be too low.
The unemployment rate will increase whenever there is a(n):
A. increase in the number of persons classified as unemployed. B. increase in the number of unemployed persons relative to the size of the labor force. C. increase in the size of the U.S. population and there is no change in the number of persons classified as employed. D. reduction in the size of the labor force.
A standardized good or service is one:
A. for which any two units of it have the same features and are interchangeable. B. for which any two units of it have similar features that could be considered close substitutes. C. that has very distinguishable characteristics, with each unit being economically unique. D. for which any two units of it have different, unique features.
Which of the following is generally not an effective strategy to promote DVC growth?
A. Microlending. B. Human capital development. C. Fighting wars against neighbors to obtain resources and stimulate aggregate demand through arms spending. D. Controlling inflation.