Most modern economists agree that there is a single factor that can be used to explain economic growth.
a. This is a true statement because what are needed are abundant resources.
b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights.
c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor.
d. This is a false statement because economists typically do not agree on policy issues.
Question 2
Which of the following is related to the concept of trade-off used in economics?
a. Paying tuition to attend college
b. Paying a high price for a movie ticket on the first day of screening
c. Not having enough information available to make a rational decision
d. Giving up one good or activity in order to obtain some other good or activity
e. Having your cake and eating it too
Russel Wright, American Modern dinnerware.
Single-serve pods of infant formula
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