When industrial activity increases,
A) GDP decreases because of pollution.
B) pollution does not necessarily increase.
C) health and life expectancy decrease.
D) and real GDP increases, it is the case that in all nations fewer resources are devoted to protecting the environment.
E) the increase in real GDP is partially offset by the increase in pollution.
B
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Using the SSNIP test, if two firms merge and the result is that the new, merged firm can raise the price of its product by ________ percent for ________ year(s), then the product the merged firm produces represents a market.
A) one; five B) five; five C) five; one D) one; one
If opportunity costs are ignored: a. all firms will show accounting profits
b. all firms will appear to incur economic losses. c. firms will still make profit-maximizing production decisions. d. firms experiencing economic losses may appear to be profitable.
In a simple circular-flow diagram, firms
a. purchase resources from households. b. purchase the output produced by households. c. receive income by selling resources to households. d. All of the above are correct.
All of the following are examples of normative statements EXCEPT:
A. Output per person typically grows more slowly than output per worker. B. Low unemployment is more desirable than low inflation. C. Output per person should increase at an average annual rate of 5 percent. D. High rates of economic growth are preferable to low rates.