What is one negative effect of growth?
A. Cleaner air due to technological advances
B. More healthful foods
C. Obesity due to falling food prices
D. Advances in medicine driven by scientific discovery
Answer: C
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Assume the economy is operating at a real GDP above full-employment real GDP. Keynesian economists would prescribe which of the following policies?
a. Nonintervention b. Fixed rule c. Contractionary d. Expansionary
According to Malthusian population theory,
A. the world's food supply increases geometrically. B. the world's population tends to grow geometrically. C. a psychological standard of living regulates population growth. D. population growth is an unimportant determinant of standards of living.
Which is not a determinant of the price elasticity of demand for most products?
A. The proportion of most consumers' budget spent on the product B. The slope of the demand curve for a product C. The amount of time consumers have to adjust their purchases of a product to a change in its price D. The number of good substitutes available for the product
Under the average-cost pricing policy, a regulated monopolist is guaranteed a normal economic profit even if there is a change in its cost of production.
Answer the following statement true (T) or false (F)