Resources are scarce
a. because there is always a greater demand for them than there is a supply of them
b. only if the resources are nonrenewable
c. only if the resources are renewable
d. because all resources are nonrenewable
e. because all resources are renewable
A
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Exhibit 30-2
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If the cost of production incurred by two producers in a competitive industry differs, the long-run supply curve:
a. will be a downward sloping step function. b. will be an upward rising step function. c. will be a horizontal line at the market price. d. will be a vertical line at the equilibrium output.
In general, countries with lower rates of growth of labor productivity have
a. lower levels of productivity. b. higher levels of productivity. c. lower levels of educational attainment. d. higher levels of natural resource endowments.
If the marginal propensity to consume (MPC) is 0.80, and if policy makers wish to increase real GDP $200 billion, then by how much would they have to change taxes?
A. ?$240 million. B. ?$200 million. C. ?$180 million. D. ?$50 million.