An increase in per capita income is guaranteed by:
A. increasing income slower than the population.
B. reducing population slower than income.
C. increasing population faster than income.
D. increasing income faster than the population.
Answer: D
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The condition, MRSC,C' = 1 + r, describes the representative consumer's
A) investment decision. B) consumption - savings decision. C) current period work - leisure decision. D) future period work - leisure decision.
It is correct to state that a society which is on its production possibilities curve is
A) underutilizing is resources. B) technologically inefficient. C) consuming too much output. D) fully utilizing its productive resources.
Supply curves slope upward because:
a. the quality is assumed to vary with price. b. technology improves over time, increasing the ability of firms to produce more at each possible price. c. increases in the price of a good lead to rightward shifts of the supply curve. d. rising prides provide producers with the incentives needed to increase the quantity supplied.
The transmission mechanism is the effect of changes in monetary policy on prices, real GDP, and employment
a. True b. False Indicate whether the statement is true or false