An increase in real per capita income will generally lead to
a. a cleaner environment and more time for recreation.
b. a reduction in life expectancy because working conditions are less desirable.
c. an increase in the number of hours worked by residents.
d. an increase in real GDP that is less rapid than the increase in population
A
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The equilibrium outcome used in both the sequential and simultaneous move games is known as
a. The centrality equilibrium b. First mover equilibrium c. Nash equilibrium d. All of the above
Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Also assume that Germany has an absolute advantage in both fish and cars. If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then
a. the two countries' combined output of both goods will be higher than it would be in the absence of trade. b. Greece will produce more fish than it would produce in the absence of trade. c. Germany will produce more cars than it would produce in the absence of trade. d. All of the above are correct.
If M = 9,000 . P = 6, and Y = 1,500, what is velocity?
a. 0.167. b. 1. c. 4. d. 36.
The fraction of a change in income that is saved is known as _____
Fill in the blank(s) with the appropriate word(s).