Which of the following is not true concerning economic growth?
A. It can be sustained in the short run but not the long run.
B. It means that the production possibilities have expanded.
C. It is an increase in real GDP.
D. It's the result of more resources or better technology.
Answer: A
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $7 to $9 is
A. elastic. B. inelastic. C. perfectly elastic. D. unit elastic.
Explain the principle "Make the poorest as well off as possible." Who proposed it?
What will be an ideal response?
When the Fed sells government securities in the open market, the money supply ________ because ________
A) decreases; banks lose liquidity, they make fewer loans and checking account deposits decrease B) increases; banks gain liquidity, they make more loans and checking account deposits increase C) increases; banks lose liquidity, they make more loans and checking account deposits increase D) decreases; banks gain liquidity, they make fewer loans and checking account deposits decrease E) none of the above
What is the rate of decrease in marginal utility for each successive slice of pizza?
a. 2
b. 4
c. 6
d. 10