Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; 30 times larger
B. 12; smaller
C. 30; 12 times larger
D. 12; 12 times larger
Answer: A
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According to the balance of payments schedule, as the level of income rises
a. import demand increases while export demand does not. b. export demand increases while import demand decreases. c. both import demand and export demand increase. d. both import demand and export demand decrease.
The ability of an economy to produce greater levels of output is called:
a. negative economics. b. economic growth. c. positive economics. d. the law of specialization.
Which of the following individuals is responsible for developing the life cycle theory of consumption?
A) Friedman B) Modigliani C) Keynes D) Lucas
Policies that mandate the installation of specific pollution control devices are called
A) command-and-control policies. B) benefit policies. C) welfare policies. D) incentive policies.