Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth.
ii. Real GDP per person will return to subsistence level.
iii. Technology drives persistent economic growth.
A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii
E
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The Federal Reserve System (The Fed) is the ________ incarnation of a central bank in the United States
A) first B) second C) third D) fourth
The Federal Reserve didn't always communicate its actions to the public like it does today. As recently as the mid-1990s, secrecy ruled. Why do you think the Fed and most central banks now are more public about their actions and the reasons for them?
What will be an ideal response?
Producer surplus is
A. the difference between willingness to sell and full costs of productions for the firm. B. current market price. C. the difference between current market price and full costs of production for the firm. D. the difference between the maximum a person is willing to pay and current market price.
A tax on sellers has what effect on a market?
A. Supply shifts vertically upward by the amount of the tax. B. Demand shifts vertically downward by the amount of the tax. C. Equilibrium price decreases and equilibrium quantity decreases. D. Equilibrium price decreases and equilibrium quantity increases.