The whole class of goods that will be underproduced or not produced at all in a completely unregulated market economy are referred to as
A. free goods.
B. Pareto goods.
C. public goods.
D. private goods.
Answer: C
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If an economy's growth rate of real GDP is 3 percent per year and the growth rate of the population is 2.5 percent per year, the growth rate of real GDP per person is
A) 3 - 2.5 = 0.5 percent per year. B) 3 + 2.5 = 5.5 percent per year. C) 2.5 - 3 = -0.5 percent per year. D) [(3 - 2.5 ) ÷ 2.5] × 100 = 20 percent per year. E) [(2.5 - 3 ) ÷ 3] × 100 = 16.6 percent per year.
The figure above shows a nation's consumption function. If disposable income is $2 trillion, then the MPC is ________ and saving is ________
A) negative; positive B) positive; zero C) positive; negative D) positive; positive E) negative; negative
As of the end of 1994 the country in our survey with the smallest stock market in dollar terms was
A) the United States. B) the United Kingdom. C) Japan. D) Germany.
To minimize costs, a firm should use more labor and less capital if the product derived from the last dollar spent on labor is ________ the product derived from the last dollar spent on capital.
A. greater than B. equal to C. less than D. either greater than or less than