The sources of economic growth, as measured by increases in real GDP per-capita, include
A. an increase in the number of workers.
B. an increase in economic freedom.
C. an increase in the productivity of workers.
D. all of these are sources of growth.
Answer: D
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Which of the following is an example of an implicit cost? (i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm (ii) interest paid on the firm's debt (iii) rent paid by the firm to lease office space
a. (ii) and (iii) only b. (i) and (iii) only c. (i) only d. (iii) only
The biggest barrier to growth for many of the poorest countries in the world is the need for:
A. more physical capital. B. larger populations. C. more human capital. D. improved legal and political frameworks.
Marginal utility of the second slice of pizza you eat is larger than the marginal utility of the first slice of pizza you eat.
a. true b. false
An indifference curve cannot be positively sloped because
A) the law of diminishing marginal utility would be violated. B) the substitution effect would be violated. C) a point to the right of another point will represent a lower quantity of both goods and a reduction in utility. D) a point to the right of another point will represent a higher quantity of both goods and an increase in utility.