Which of the following is most likely to lead to sustained long-run growth?
A. transfer of workers from agricultural to industrial sectors
B. increase in labor productivity
C. increases in the labor participation rate
D. exploitation of natural resources
Answer: B. increase in labor productivity
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The production of a good or service by an authority that receives the most of its revenue from the government is referred to as
A) public provision. B) private subsidies. C) vouchers. D) copyrights. E) Coasian production.
Which of the following is TRUE regarding marginal benefit? I) The marginal benefit curve shows the benefit firms receive by producing another unit of a good. II) Marginal benefit increases as more of a good is consumed
A) I and II B) I only C) II only D) neither I nor II
When we say that an individual behaves according to "rational self-interest," we mean that this individual
A. is motivated by greed. B. will always buy the most fashionable items available. C. is making choices that he or she believes will leave him or her better off. D. never considers the well being of any other individual.
When the market value of the dollar rises relative to other currencies around the world, we say that
A) the dollar has appreciated. B) the dollar has depreciated. C) the demand for dollars has increased. D) the supply of dollars has increased.