The new growth theory asserts that
A) eventually people earn only a subsistence living.
B) a discovery can be used by only one person, the discoverer.
C) technology improves slowly while population grows rapidly.
D) production processes can be replicated at many different firms in the economy.
E) the population growth rate will increase when real GDP per person increases.
D
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If the consumer price index (CPI) at the end of year one was 100 and was 108 at the end of year two, the inflation rate during year two was
a. zero; the CPI of 100 indicates that prices were stable. b. 8 percent. c. 5 percent. d. 108 percent.
It is likely that ________ has an income elasticity less than 1, and ________ have an income elasticity more than 1.
A. vacations; cell phones B. coffee; sailboats C. sailboats; cars D. filet mignon; chicken
Suppose that this graph describes the current labor market for high school teachers:
If the wage is w*, then:
A. there will be a surplus of certified teachers. B. there will be neither a shortage nor a surplus of certified teachers. C. teachers will be underpaid. D. there will be a shortage of certified teachers.
Suppose that in a month the price of movie rentals decreases from $3.25 to $3. At the same time, the quantity of movie rentals demanded increases from 100 to 120. The price elasticity of demand for movie rentals (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.