Which of the following is a positive economic statement?
A. We should try to eliminate poverty in the United States.
B. If the price of eggs increases, the quantity demanded of eggs will fall.
C. Policymakers should strive to eliminate government budget deficits.
D. The President of the United States should promote high employment growth in the United States.
Answer: B
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Which of the following is an accurate statement about the Great Depression?
(A) It was a recession that became a depression because of World War II. (B) It was the most severe economic downturn in the history of industrial capitalism. (C) It was set off because of a sharp and unexpected rise in interest rates. (D) Its effects and duration would have been even worse if it weren't for a strong economy in Japan and Europe at the time.
Knowledge capital is nonrival in the sense that
A) firms do not compete to be the first to develop new technologies. B) two people can use the same knowledge to develop and produce a product. C) no single company can be excluded from the benefits of new technologies. D) firms can benefit from the research and development of rival firms without paying for that benefit.