An economy's standard of living grows over the long run because of:
a. better protection of domestic industries from foreign competition.
b. centralized planning and decision making
c. technological improvements.
d. stringent foreign trade policies.
e. high growth rate of population.
c
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Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive the highest payoff by
A) going to the park. B) going to the beach. C) You will receive the same payoff whether you choose the beach or the park. D) You cannot determine your highest payoff from the data in the figure.
John and Sally have identical preferences except that Sally's utility is exactly 10 times John's for each basket of goods. If they have the same income and face the same prices
A) Sally will consume 10 times the amount that John consumes. B) Sally will receive 1/10 the satisfaction of John. C) both will consume the same amount of all goods. D) John and Sally will have equal total utility.