On the basis of theory and empirical evidence, economists have reached several conclusions about economic growth. Which of the following is not one of these conclusions?
a. A relatively simple way to increase growth rates permanently is to increase a country's saving rate.
b. Growth is generally inhibited rather than promoted by policies like protective tariffs.
c. Well-established property rights that are enforced by fair and efficient courts are important to economic growth.
d. Countries with few domestic natural resources still have opportunities for economic growth.
a
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The increase in the currency ratio during World War II was due to
A) bank panics. B) a drop in the rate of interest paid on checking deposits. C) the spread of ATMs. D) high taxes and illegal activities.
If the elasticity of demand is -2.3 when calculated using the point elasticity method and -3.4 using the arc elasticity method, then
A) you should use the point elasticity. B) it is OK to use either one. C) there must be a mistake in the calculations. D) you should use the arc elasticity.