People respond to incentives
A) by ignoring negative incentives and responding to positive incentives only.
B) only when they are irrational.
C) as they never intentionally make decisions that would leave them worse off.
D) when they have low incomes.
Answer: C
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Indicate whether the statement is true or false
Long-term growth is measured by
A. looking at real GDP over at least 5 or 10 years. B. looking at per capita GDP over at least one year. C. looking at GDP compared to real GDP. D. looking at real GDP over at least one year.
A maximum legal price that may be charged for a particular good or service is known as a
A. black market. B. price ceiling. C. price floor. D. price support.
Labor productivity depends on the
a. quality of the labor b. the amount of capital c. the amount of natural resources d. the amount of other inputs, such as technology e. All of the answers are correct