If a country has a high level of income, it:
A. must be rapidly increasing its GDP per capita.
B. must have a high level of income.
C. must have an equitable distribution of wealth.
D. All of these are true.
A. must be rapidly increasing its GDP per capita.
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A leading environmental group recently published a report contending that humans are running a "resource deficit" because we are using natural resources faster than they can be regenerated. The group claims that this means that economic growth will eventually stop, and will even be reversed. An economist would
a. agree with the report, and would point to rising natural resource prices as evidence. b. agree with the report, but wouldn't think it was important because growth will not slow down for several centuries. c. disagree with the report, in part because it ignores the mitigating effects of technological change. d. disagree with the report because labor and capital are the primary determinants of growth, and since they are plentiful, growth will not slow down.
Player 1 and Player 2 are playing a game in which Player 1 has the first move at A in the decision tree shown below. Once Player 1 has chosen either Up or Down, Player 2, who can see what Player 1 has chosen, must choose Up or Down at B or C. Both players know the payoffs at the end of each branch.
What is the equilibrium outcome of this game?
A. Player 1 and Player 2 both choose Down. B. Player 1 chooses Up and Player 2 chooses Down. C. Player 1 chooses Down and Player 2 chooses Up. D. Player 1 and Player 2 both choose Up.
Data on total water use in the United States since 1950 show that it has:
A. Continually increased B. Continually decreased C. Increased and then leveled off D. Decreased and then leveled off
Some electrical utilities are monopolies because of
A) government restrictions that prevent new firms from entering the market. B) ownership of resources without close substitutes. C) diseconomies of scale. D) their inability to earn profits.