Economists use the term wealth to mean
A) what a person earns.
B) a person's investment.
C) what a person owns.
D) the amount of income that is spent and not saved.
E) the same thing as income.
C
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Why do some people think that the productivity slowdown since 1973 is just a return to normalcy after fast productivity growth during the previous 25 years?
A) Productivity growth of the previous 25 years was abnormally low. B) The Great Depression and World War II had prevented technological opportunities from being exploited. C) The United States is the only country to face the slowdown, due to poor regulatory decisions. D) The United States has allowed countries like Japan to steal its technological breakthroughs.
Some economists reject the idea that bigness is __________. These people believe our policy should be __________
a. c, d, and e b. efficient or technologically superior; to encourage bigness c. inevitable; to break big firms up d. contestable; to contest bigness e. inevitable; laissez-faire