Which of the following is a TRUE statement?
A) The most important source of economic growth is the rate of population growth since a growing population stimulates demand for goods and services, and provides the labor to produce the goods and services.
B) The most important sources of economic growth are the new ideas generated by entrepreneurs in an economic system that permits them to capture the rewards of their entrepreneurial activities.
C) The most important sources of economic growth are the quantity and quality of the land and other natural resources a country controls.
D) The most important source of economic growth is the extent to which the government directly enters into decisions where research and development activities should be directed and who should be involved in research and development activity.
B
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Refer to Figure 4-20. The figure above represents demand and supply in the market for gasoline. Use the diagram to answer the following questions
a. How much is the government tax on each gallon of gasoline? b. What portion of the per-unit tax is paid by consumers? c. What portion of the per-unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per gallon received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this gasoline tax efficient?
Which of the following is NOT a primary center of foreign-exchange trading?
A) New York B) London C) Munich D) Tokyo