According to the data in the table above, real GDP grew at a rate of ________ between year 1 and year 2
A) 10 percent
B) 1 percent
C) 50 percent
D) 5 percent
E) 55 percent
A
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The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will ________ and your marginal utility from each additional slice of pizza will ________
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
After the Civil War (1861–1865), the cotton South
(a) continued to experience prosperity. (b) was no longer the main contributor to the agricultural sector, as wheat production elsewhere began to prosper. (c) experienced prosperity in some Southern states but not in all. (d) was no longer the major source of income for the South; Southerners quickly supplemented their cotton incomes with income generated by the manufacturing sector.
At equilibrium, quantity sold equals the quantity bought. This implies that
A) to sell more, producers require more in payment than consumers are willing to pay. B) government regulation is necessary. C) to sell less would require a lower price but would yield greater profit. D) those who don't buy have been treated unfairly.
The new classical school of thought is usually associated with the theory of rational expectations
a. True b. False Indicate whether the statement is true or false