Economic development is distinguished from economic growth by:
a. accumulation of capital
b. shifts in the structure of output
c. higher per capita income
d. improved standards of living
e. all of the above
B
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In 2015, Peelville consumed 30,000 bananas. In 2016, banana consumption rose to 35,000. Calculate the percentage change in banana consumption
A) 11.66% B) 14.28% C) 16.67% D) 22.25%
According to the Bureau of Labor Statistics, if you voluntarily leave your job to search for another job, then you
A) are eligible for unemployment compensation. B) are classified as a job loser. C) are classified as unemployed. D) may not re-enter the labor force for six months.
Refer to Figure 9-2. As a result of the tariff, domestic producers increase their quantity supplied by
A) 31 million pounds of rice. B) 22 million pounds of rice. C) 15 million pounds or rice. D) 6 million pounds of rice.
If pollution is reduced below the socially efficient level:
a. the marginal cost of pollution abatement exceeds the marginal benefit of pollution abatement
b. the marginal cost of pollution abatement is less than the marginal benefit of pollution abatement.
c. the marginal cost of pollution abatement equals the marginal benefit of pollution abatement.
d. nothing can be said about the relationship between the marginal cost and marginal benefit of pollution abatement.