An antigrowth view states that there may be a significant trade-off between productivity and:
A. economies of scale.
B. employment.
C. education.
D. the quality of life.
Answer: D
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In a housing market with a rent ceiling set below the equilibrium rent, as time passes the supply of apartments
A) decreases. B) increases. C) does not change. D) becomes fixed by the government. E) increases while the demand for apartments decreases.
Refer to the production function. The total product at 4 units equals ________ units
Fill in the blank(s) with correct word
The curve that shows quantities of total real output that will be offered for sale at various price levels is called the
a. aggregate demand curve. b. domestic investment curve. c. aggregate supply curve. d. yield curve.
A competitive market is in long-run equilibrium. If demand decreases, we can be certain that price will
a. fall in the short run. All firms will shut down, and some of them will exit the industry. Price will then rise to reach the new long-run equilibrium. b. fall in the short run. No firms will shut down, but some of them will exit the industry. Price will then rise to reach the new long-run equilibrium. c. fall in the short run. All, some, or no firms will shut down, and some of them will exit the industry. Price will then rise to reach the new long-run equilibrium. d. not fall in the short run because firms will exit to maintain the price.