DSL and broadband internet service would be considered an example of:
A) substitute goods.
B) giffen goods.
C) inferior goods.
D) complementary goods.
A
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Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth. ii. Real GDP per person will return to subsistence level. iii. Technology drives persistent economic growth. A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii
An advance in technology that increases productivity and an increase in the working-age population results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of the labor demand curve and of the labor supply curve. D) no change to the production function.
Which of the following will increase economic freedom?
a. low rates of inflation and easy access to money that maintains its purchasing power b. high tariff rates c. government spending that comprises a large share of the economy d. rapid and unpredictable inflation
A $2 tax per gallon of paint placed on the buyers of paint will shift the demand curve
a. downward by exactly $2. b. downward by less than $2. c. upward by exactly $2. d. upward by less than $2.