Relative growth rates of the standard of living in the United States and Europe indicate that workers in ________ have chosen to "spend" ________ of their higher productivity on leisure rather than on consumption of market goods and services
A) Europe, a significant part
B) the United States, a significant part
C) Europe, almost none
D) the United States, almost all
A
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Consider a demand curve for reckless driving, for which the "price of reckless driving" is interpreted as the probability of having a fatal accident. When could safer cars lead to an increase in total number of driver fatalities?
a. Always. b. Never. c. When the demand curve is relatively flat. d. When the demand curve is relatively steep.
The only way that a society can produce outside the production possibilities curve is
A) through economic growth. B) by producing efficiently. C) by obeying the Law of Increasing Additional Cost. D) to use the concept of opportunity cost.
The value of cross-price elasticity of demand between orange soda and grape soda is
a. negative b. positive c. 0 d. between -1 and 0 e. less than -1
If a country has a balance of payments deficit and wishes to maintain the fixed value of its currency, it will generally
a. sell its own currency for foreign currencies. b. buy its own currency with foreign reserves. c. decrease taxes to increase domestic disposable income. d. increase the money supply to keep interest rates down.