Compared with the 19th century, during the colonial period technological changes that raised output relative to inputs:
a. were slow and steady.
b. increased in the early part of the period, but fell off dramatically after 1643.
c. remained minor and sporadic.
d. increased dramatically after 1643.
c. remained minor and sporadic
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We can use the theory of consumer choice to analyze
a. why most demand curves slope downward. b. the tradeoff between work and leisure c. how interest rates affect household saving. d. All of the above are correct.
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
At the private market equilibrium, the price of each dose is:
A. $70. B. $80. C. $50. D. $60.
Exhibit 5-10 GDP data (billions of dollars) Indirect business taxes$ 600 Depreciation950 Change in business inventories50 Compensation of employees5,400 Corporate profits700 Durable goods600 Exports100 Social Security taxes360 Transfer payments300 Fixed investment950 Government spending800 Imports150 Net interest500 Nondurable goods2,000 Personal taxes1,000 Rental income200 Services4,000 In Exhibit 5-10, and using the income approach, GDP equals
A. $8,350 billion. B. $9,710 billion. C. $5,400 billion. D. $8,400 billion.
Describe the purpose of the Food, Conservation and Energy Act of 2008
What will be an ideal response?