Focusing on real GDP per capita allows economists to control for how ______ impacts economic growth.
a. annual percentage change
b. the standard of living
c. population growth
d. international changes
c. population growth
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Refer to Figure 5-3. The deadweight loss due to the externality is represented by the area
A) nso. B) mso. C) msn. D) mtn.
An increase in taxes
a. reduces income by more than the total fall in consumption. b. reduces income by the same amount as the total fall in consumption. c. reduces income and consumption by the same amount as taxes fall. d. reduces income by the amount of the initial fall in consumption.
The more specialized labor becomes, the:
a. less likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop. b. less likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop. c. more likely it is that a double coincidence of wants will exist, and the less likely it is that monetary exchange will develop. d. more likely it is that a double coincidence of wants will exist, and the more likely it is that monetary exchange will develop. e. more likely it is that the individual is producing only what he or she wants to consume.
In a market that lacks sufficient competition,
a. output will generally be less than the output that is ideal from the standpoint of economic efficiency. b. output will generally be greater than the output that is ideal from the standpoint of economic efficiency. c. price will generally be less than the price that would result if the market was competitive. d. profit rates will generally be so low that government subsidies will be necessary to ensure that the firms remain in business.