Which of the following statements is correct?
a. Growth of productivity is the main determinant of growth in living standards.
b. Common knowledge and proprietary technology are both important for the economy's production of goods and services.
c. The terms capital and physical capital refer to the same thing.
d. All of the above are correct.
d
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Which of the following best describes a command economy?
A) An economy that is characterized by barter trade of goods and services B) An economy where strong controls are imposed by the ruling authority C) An economy in which resources are allocated through the price mechanism. D) An economy in which there are a few privately owned firms
When the economy enters a prosperity phase, personal income tax collections
a. fall along with consumption and real GDP b. rise along with real GDP but unemployment insurance payments to workers fall c. rise but real GDP and unemployment insurance payments to workers fall d. fall along with real GDP but unemployment insurance payments to workers rise e. fall causing real incomes and employment to fall