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<-----> was coined by:
A. Michael Harrington.
B. John Kenneth Galbraith.
C. Karl Marx.
D. Adam Smith.
Question 8 of 20 5.0 Points
In order to raise our rate of economic growth we would need to:
A. increase the level of labor or capital.
B. reduce the level of labor.
C. spend more on military goods.
D. spend more on consumer goods.
Question 9 of 20 5.0 Points
Human wants are:
A. relatively limited.
B. relatively unlimited.
C. easily satisfied.
D. about equal to our productive capacity.
Question 10 of 20 5.0 Points
Whom of the following is NOT an entrepreneur?
A. Henry Ford (Ford Motor Company)
B. Tim Berners-Lee (creator of the World Wide Web)
C. John David Rockefeller (Standard Oil)
D. Bill Gates (Microsoft)
Question 11 of 20 5.0 Points
Which of the following is an example of capital?
A. Money in a Swiss bank account
B. A bulldozer
C. A CD by Metallica
D. A Dracula costume for Halloween
Question 12 of 20 5.0 Points
Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of Pokemon cards. The opportunity cost to Tommy of an extra packet of Pokemon cards is:
A. one video game rental.
B. two video game rentals.
C. the cost of the Pokemon cards.
D. He does not incur an opportunity cost.