The four principal factors that Adam Smith identified as contributing to economic growth are
a. size of the labor force, degree of labor specialization, size of the capital stock, and level of technology
b. size of the labor force, degree of labor specialization, size of the capital stock, and natural resource base
c. size of the labor force, degree of labor specialization, size of the capital stock and the age of the labor force
d. quality of the labor force, degree of labor specialization, size of the capital stock, and level of technology
e. size of the labor force, quality of the labor force, degree of labor specialization, and natural resource base
A
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Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 5 hamburgers B) 4 bottles of water and 6 hamburgers C) 6 bottles of water and 5 hamburgers D) 6 bottles of water and 6 hamburgers
Which of the following is NOT a reason social returns might be greater than private returns?
A) Excess competition between firms B) Knowledge spillovers C) Spillovers from research and development D) Capital market imperfections