Commodity speculators persuade people to start economizing in their consumption of a good as soon as the speculators foresee an increased future scarcity by causing
A) futures prices, expected future prices, and current prices to fall.
B) futures prices, expected future prices, and current prices to rise.
C) futures prices and expected future prices to fall and current prices to rise.
D) futures prices to rise, expected future prices to fall, and current prices to rise.
E) futures prices and expected future prices to rise and current prices to fall.
B
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When current growth builds on past growth, growth is:
A) logarithmic. B) exponential. C) linear. D) negative.
According to your authors, a necessary condition for the evolution of a successful commercial society includes
A) stable interest rates. B) reasonably secure property rights. C) a superabundance of natural resources. D) zero economic losses.
The line segment QR describes the region where
A. increases in output do not cause higher prices because of a large portion of unemployed resources.
B. prices and output increase together.
C. increases in prices do not generate any increase in output.
D. increases in prices cause decreases in output.
The table above gives the production and prices for a small nation that produces only bread and soda. The base year is 2010. What is real GDP in 2010?
A) $530
B) $1080
C) $510
D) $210
E) $300