Country X experiences an increase in Real GDP and an increase in per-capita Real GDP. It follows that
A) the residents of country X are happier than they used to be.
B) the benefits of economic growth outweigh the costs of economic growth.
C) the costs of economic growth outweigh the benefits of economic growth.
D) all the residents of country X are "richer" in terms of goods and services than they used to be.
E) none of the above
E
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The figure above shows the relationship between study time and the number of problems worked. The curve becomes less steep because as you study more,
A) study time becomes less effective. B) study time becomes more effective. C) the number of problems worked increases. D) the number of problems worked decreases. E) the relationship between study time and the number of problems worked changes from direct to inverse.
According to the diagram in the figure above, an allocatively efficient use of resources requires that production and consumption of gasoline be
A) 1 million gallons of gasoline per month. B) 2 million gallons of gasoline per month. C) 3 million gallons of gasoline per month. D) 4 million gallons of gasoline per month.
In long-run equilibrium, a perfectly competitive firm will produce an output level at which its long-run average cost curve is upward sloping
a. True b. False Indicate whether the statement is true or false
A financial intermediary accepts deposits from savers and makes loans to borrowers
a. True b. False Indicate whether the statement is true or false