Growth of real per capita income and China has largely resulted from:
A. increased use of technology and improved technology.
B. population decline.
C. reduced unemployment rates.
D. its trade deficit with the United States.
Ans: A. increased use of technology and improved technology.
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Oligopoly is a market structure in which
a. there are only two sellers. b. there are relatively few producers. c. no firm can influence price. d. there are many producers.
Usury laws lead to a ________________ of loanable funds.
Fill in the blank(s) with the appropriate word(s).
An inflationary gap occurs when
A. short-run aggregate supply falls, but other things remain constant. B. the short-run equilibrium level of real GDP is greater than long-run aggregate supply. C. the short-run equilibrium level of real GDP is less than long-run aggregate supply. D. aggregate demand falls, but other things remain constant.
Suppose angioplasty and coronary artery bypass graft (CABG) surgery are substitute treatment alternatives for coronary artery disease. What should happen to the equilibrium price and quantity of angioplasty procedures if a new CABG technique is introduced that is less invasive (requiring a 4 inch incision under the breast bone rather than cracking open the patient's rib cage) and requires
one-third the recovery period of regular CABG surgery. a. Both price and quantity will increase. b. Both price and quantity will decrease. c. Price will increase and quantity will decrease. d. Price will decrease and quantity will increase. e. The introduction of a new CABG procedure should have no effect on the price or quantity of angioplasty procedures.