The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are
A) population growth and low inflation.
B) population growth and increased productivity.
C) low unemployment and low inflation.
D) low inflation and low trade deficits.
B
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An example of a supply shock could be ________
A) a technological innovation B) a natural disaster C) an oil price increase D) all of the above E) none of the above
If the marginal propensity to consume is 0.8, the marginal propensity to save is:
a. 0.8 b. 0.4 c. 0.2 d. 0.3
For which pairs of goods is the cross-price elasticity most likely to be negative?
a. peanut butter and jelly b. automobile tires and coffee c. pens and pencils d. paperback novels and electronic books for e-readers
People with hidden health problems are more likely to buy health insurance than are other people. This is an example of
a. moral hazard and makes the cost of health insurance higher than otherwise. b. moral hazard and makes the cost of health insurance lower than otherwise. c. adverse selection and makes the cost of health insurance higher than otherwise. d. adverse selection and makes the cost of health insurance lower than otherwise.