Economic growth occurs when
A. a large part of a country's population is poor.
B. a society sacrifices an amount of one good for more of another along its production possibility frontier.
C. a society acquires additional resources or when its technology advances.
D. there is unemployment of labor but other resources are used efficiently
C. a society acquires additional resources or when its technology advances.
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The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month, what is true?
A) The quantity of town homes demanded decreases to 100,000. B) Black market rents might be as high as $1,300 per month. C) The quantity of town homes supplied increases to 250,000. D) More town homes are rented after the rent ceiling that before. E) The quantity demanded of town homes is less than the quantity supplied.
For most goods and most people, marginal utility probably: a. continues to increase as larger quantities are purchased. b. declines as consumption increases
c. plummets after the first few units but soon begins to rise. d. is negative after the first unit of a good is purchased.
If a British student pays her way to attend Harvard University, her action will:
A) cause the exchange rate of the British pound to rise. B) cause the exchange rate of the U.S. dollar to fall. C) change the supply of dollars in the foreign currency market. D) change the supply of pounds in the foreign currency market.
As the real interest rate increases, the quantity of saving supplied ________ and the quantity of saving demanded ________.
A. does not change; does not change B. increases; increases C. increases; decreases D. decreases; increases