As more people entered the agricultural sector between 1865 and 1913, agricultural efficiency (i.e., output per man hour) fell
Indicate whether the statement is true or false
False
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The existence of a universal law of scarcity creates pressures on societies to
A. use their resources according to government plans. B. economize in the use of their resources. C. allocate their resources equitably. D. exploit their resources.
If a consumer has allocated income between pizzas and movies such that utility is maximized, and the price of pizza falls, when equilibrium is restored this consumer will:
a. consume less pizzas and the same amount of movies. b. consume less pizzas and more movies. c. consume more movies. d. consume more pizza.
The crowding-out effect is more likely to dominate the crowding-in effect when investment is relatively
A. insensitive to interest rates and to GDP. B. insensitive to interest rates but sensitive to GDP. C. sensitive to interest rates and to GDP. D. sensitive to interest rates and insensitive to GDP.
The argument that suggests that regulators balance the interests of firms, consumers, and legislators is called
A. the creative response theory. B. the theory of optimal regulation. C. the capture hypothesis. D. the share-the-gains, share-the-pains theory.