______________ is the total quantity of a good provided in a given period.
Fill in the blank(s) with the appropriate word(s).
Ans: Total Product
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If the NCAA prohibits colleges and universities from offering more than room, board, and tuition to outstanding high school football and basketball players, the recruitment practices of athletic departments will
A) adhere more closely to high ethical standards. B) become constantly more complex and costly. C) make the athletes better off in the long run. D) make the athletes better off in the short run. E) shift to favoring academic ability over athletic ability.
In an efficient market with rational expectations, the actual price of an asset
A) will equal its expected price. B) will often be below its expected price. C) will often be above its expected price. D) equals its expected price plus a random error term.
The production possibilities curve illustrates the basic principle that:
A. the production of more of any one good will in time require smaller and smaller sacrifices of other goods. B. an economy will automatically obtain full employment of its resources. C. if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced. D. an economy's capacity to produce increases in proportion to its population size.
If the U.S. population grew at a 0.9 percent and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 4.0 percent B) 4.4 percent C) 5.3 percent D) 3.5 percent E) -3.5 percent