Which figure above shows the effect of a technological advance in the production of pizza?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) Both Figure A and Figure D
D
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________ occurs when one agent in a transaction knows about a hidden characteristic of a good
A) The free-rider problem B) The tragedy of the commons C) Adverse selection D) Moral hazard
Sugar can be refined from sugar beets. When the price of those beets falls,
A) the demand curve for sugar would shift right. B) the demand curve for sugar would shift left. C) the supply curve for sugar would shift right. D) the supply curve for sugar would shift left.
when aggregate expenditure is more than GDP firms spent less on capital goods than they planned
a. true b. false
The GDP per capita is the most practical way to
A. Measure how much income households receive. B. Make international comparisons of the standard of living. C. Measure how much output can be consumed on a sustainable basis. D. Analyze the growth rate of the economy through time.