Which of the following is an observation made by economist Michael Kremer?
a. World growth rates increased as the population increased.
b. Technological progress allows for increasing population because of advances in agriculture.
c. World population is growing so rapidly that soon it will outstrip natural resources and our standard of living will decline.
d. All of the above are observations made by Kremer.
a
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The negative slope of the production possibilities frontier represents the idea
A) that free lunches are possible. B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another. C) of unemployment. D) of inefficient production. E) that prices rise as less is produced.
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.
A phase in the business cycle in which real GDP declines, inflation moderates, and unemployment emerges is known as a
a. recession b. depression c. downturn d. peak e. trough
Total surplus:
A. is the total amount spent on a good in a market. B. is producer surplus minus consumer surplus. C. is producer and consumer surplus combined. D. is consumer surplus minus producer surplus.