Is it possible to have economic growth with no opportunity cost?
a. Yes, economic growth requires no current sacrifices-only the passage of time
b. No, but economic growth is always worth whatever sacrifice is required.
c. No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow.
d. No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital formation and research and development.
d
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According to the Keynesian model, the optimal fiscal policy is to
a. increase cyclical but not structural deficits during a recession. b. reduce cyclical and structural deficits during a recession. c. increase structural deficits during an recession. d. maintain a balanced budget in case of national emergency.
One of the reasons economists approve of limiting trade would be
A. the preservation of a large-production company. B. the preservation of a high-wage company. C. the protection of the environment. D. the preservation of a high-employment company.