Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1650; the Pilgrims arrived in the Americas
B) 1750; Columbus arrived in the Americas
C) 1650; of the Industrial Revolution
D) 1750; of the Industrial Revolution
E) 1776; United States was founded
D
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Refer to Scenario 16.1. Suppose instead that Sam is initially allocated 3 cheese doodles and 3 pretzels, whereas Sally is initially allocated 6 cheese doodles and 10 pretzels. Which of the following statements is TRUE?
A) This allocation is Pareto optimal. B) This allocation is not Pareto optimal as Sally and Sam have unequal amounts of each good. C) The allocation is not Pareto optimal as Sally would be willing to exchange two pretzels for one cheese doodle and be better off, without making Sam worse off. D) The allocation is not Pareto optimal as Sam would willing exchange one pretzel for two cheese doodles and be better off, without making Sally worse off.
Reducing environmental pollution beyond the socially optimal amount increases society's welfare
a. True b. False Indicate whether the statement is true or false
FedEx employees use the motto "Absolutely, Positively" to express their commitment to their customers. What should be the attitude of someone who studies economics toward this sort of company ritual?
What will be an ideal response?
As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because
A. resources are not equally well suited to producing all goods, and as more of a good is produced, it is necessary to use resources less well suited to the production of that good. B. consumers would be willing to pay higher prices for the good as more of the good is produced. C. as more of a good is produced, the quality of that good declines, and therefore the costs of production increase. D. as more of a good is produced, the inputs used to produce that good will increase in price.