Usually an abundance of natural resources ________ labor productivity.
A. increases
B. has no effect on
C. decreases
D. doubles
Answer: A
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When real GDP is in equilibrium with no government and no international trade
A) real planned investment spending equals real planned saving. B) real planned investment equals real planned consumption spending. C) unplanned inventories are increasing. D) unplanned inventories are decreasing.
Which of the following is not evidence of the lower standard of living among less- developed countries?
a. high per capita income b. high death rates c. high infant mortality rate d. low life expectancy e. high birth rate
Dean should play golf instead of preparing for tomorrow's exam in economics if:
A. Dean can play golf for free. B. the benefit of golfing is greater than the benefit of studying. C. he is irrational. D. the economic surplus from playing golf is greater than the economic surplus from studying.
A good with qualities that consumers lack the experience to assess without assistance is called
A. a credence good. B. a persuasive good. C. a search good. D. an experience good.