Poverty and illness interact in a reciprocal relationship that is not equally strong in both directions
Indicate whether the statement is true or false
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If people underestimate the effects of expansionary policy, an increase in the growth rate of aggregate demand will tend to increase real GDP: a. in both the short run and the long run. b. in the short run but not the long run
c. in the long run but not the short run. d. in neither the short run nor the long run.
If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
Explain in a paragraph why the quantity demanded for non-renewable resources will be zero when the supply runs out.
What will be an ideal response?
When studying individuals' economic behavior, economists assume that
A) individuals understand the rationale for all their actions. B) individuals act as if they were rational. C) only educated people act as if they were rational. D) self-interest is of limited relevance in predicting an individual's actions.