Economic growth is_____________ improved health conditions in a nation.
A. always needed for
B. not necessarily needed for
C. always more important than
D. negatively related to
B. not necessarily needed for
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In the figure above, the deadweight loss when the market is a single-price monopoly rather than perfectly competitive is the area of
A) triangle aeb. B) triangle aic. C) triangle eig. D) triangle eif.
In terms of purchasing power parity, the nation with the highest per capita GDP is
a. Japan. b. Norway. c. Switzerland. d. the United States.
In 1923, Germany experienced a very severe inflation. As prices in Germany rose, the demand in the foreign exchange market for U.S. dollars:
A. fell and the supply of them rose, decreasing their value. B. rose and the supply of them fell, increasing their value. C. fell and the supply of them also fell, increasing their value. D. rose and the supply of them also rose, decreasing their value.
In labor markets, the substitution effect occurs when
A. a change in the price of a substitute input reduces the cost of capital. B. a substitute good also functions as a complement. C. the cost of production falls enough that the firm will produce a larger amount of output. D. a change in the price of a substitute input causes the demand for labor to change in the same direction.