In the United States since 1900, life expectancy at birth has ________ and the death rate has ________
A) decreased; increased B) increased; increased
C) decreased; decreased D) increased; decreased
D
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If two individuals voluntarily agree to a transaction that only affects them (and no one else), it must be that the transaction is efficient.
Answer the following statement true (T) or false (F)
What can economists conclude if they observe an increase in real GDP?
A) The price level must have fallen. B) The real output of final goods and services must have risen. C) National welfare must have risen. D) Nominal GDP must have risen. E) All of the above.
The total output produced with any quantity of labor is equal to the sum of the
A) marginal products of each of the workers hired. B) average products of each of the workers hired. C) total wages the firm pays its workers. D) Both answers A and B are correct.
A positive income elasticity of demand for a good a. means it is a substitute
b. means it is a complement. c. it is a normal good. d. it is an inferior good.