Many economists now deemphasize capital accumulation as a source of growth because:
A. capital has been defined so narrowly that it has become a less useful concept.
B. capital accumulation alone does not necessarily lead to growth.
C. capital accumulation no longer affects growth.
D. the value of the capital stock no longer depends upon technology and needs of society.
Answer: B
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A fall in marginal utility reflects:
a. the water and diamond paradox. b. the law of supply. c. the principle of diminishing marginal utility. d. decreased consumption of a good. e. the fact that total utility must be declining.
In competitive price-searcher markets, short-run economic losses will lead to
a. long-run economic losses. b. the exit of firms from the market and the eventual restoration of zero long-run economic profits. c. the entry of new firms into the market as old firms fail. d. the entry of additional firms into the market, causing each firm to experience an increase in demand for its product.