Which of the following is consistent with the classical theory of growth?
A) permanent increases in real wages
B) permanent growth in productivity
C) rapid population growth in poor countries
D) permanent increases in living standards
C
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Asymmetric information refers to a situation where people who pose the greatest risk to insurers are the ones who buy insurance
Indicate whether the statement is true or false
Which of the following applies to the use of money as a unit of account?
I. A unit of account is an agreed measure for stating the prices of goods and services. II. Using money as a unit of account creates a simplified pricing system. III. Economies choose many goods as units of account. A) I only B) II only C) I and III D) I and II
Refer to Figure 13-4. What is the area that represents the total revenue made by the firm?
A) 0P0aQa B) 0P2cQa C) 0P1bQa D) 0P3dQa
Cyrus is deciding whether to purchase a home. Which of the following would be considered an autonomous factor in his decision?
a. whether or not he will receive a raise this year b. how much money will be taken out of his paycheck this year for taxes c. whether he expects the economy to “do well” this year d. how much disposable income he expects to have this year