Which of the following statements is true of the U.S. economy in the last 200 years?
A) The growth rate of GDP has been more than 10% per year.
B) The GDP per capita has decreased.
C) The GDP per capita has increased.
D) There has been no contraction in the economy.
C
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Which of the following observations concerning the absolute definition of poverty is true?
a. It is based on average income. b. It is an optimistic definition. c. It is not arbitrary in nature. d. It is a cultural definition.
Explain the problem of adverse selection. How might this problem affect transactions in the insurance industry?
Please provide the best answer for the statement.
If the demand for CD players decreases and the supply of CD players decreases, then
A) it is clear that prices will decrease, the change in the quantity of CD players sold is ambiguous. B) it is clear that prices will increase, the change in the quantity of CD players sold is ambiguous. C) it is clear that quantity sold will decrease, the change in the price of CD players is ambiguous. D) it is clear that change in quantity sold is ambiguous, the change in the price of CD players is ambiguous.
Which of the following statements is NOT true about the price system?
A) The price system allows resources to flow from low-valued uses to high-valued uses. B) Firms have total control over what consumers can buy. C) Individuals have freedom to purchase what they want. D) The price system allows for economic efficiency.