Classical economists believed that
A) real GDP per person would rise above its subsistence level in the long run.
B) real GDP per person would never rise above its subsistence level in the long run.
C) the demand for labor increases when the population increases.
D) population growth decreases as real GDP per person rises.
B
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Which of the following could cause the supply curve of labor to shift to the right?
a. an increase in wealth b. a decrease in population c. a decrease in wages d. an increase in employment opportunities e. an increase in the wage rate
Even if demand for a resource grows over time, ever-rising prices of the resource that result from its growing scarcity still discourage consumption
a. True b. False Indicate whether the statement is true or false
When players cannot achieve their goals because they are unable to make credible threats or promises, the situation is called a:
A. prisoner's dilemma. B. failure of dominant strategies. C. Nash equilibrium. D. commitment problem.
The income distribution has become more unequal in the United States over the last 30 years.
Answer the following statement true (T) or false (F)