Liberal and conservative economists agree more often on policy prescriptions than most noneconomists think they do.
Answer the following statement true (T) or false (F)
True
Most economists' models focus on incentives and individual choice. They agree more than many noneconomists think.
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Increasing the amount of consumption spending and reducing the amount of savings ________ investment expenditures, and ________ long-run economic growth in the economy
A) decreases; increases B) increases; decreases C) increases; increases D) decreases; decreases
Refer to Table 2-16. Does either Estonia or Finland have an absolute advantage and if so, in what product?
A) Estonia has an absolute advantage in lumber. B) Finland has an absolute advantage in lumber. C) Estonia has an absolute advantage in cell phones. D) Finland has an absolute advantage in both products.
Suppose the government eliminates all environmental regulations and, as a result, the production of goods and services increases, but there is considerably more pollution. Based on this scenario, which of the following statements is correct?
a. GDP would definitely increase, despite the fact that GDP includes environmental quality. b. GDP would definitely decrease because GDP includes environmental quality. c. GDP would definitely increase because GDP excludes environmental quality. d. GDP could either increase or decrease because GDP excludes environmental quality.
Suppose that the demand curve for apples is downward sloping and the price per pound decreases from $1.25 to $1.00. We would then expect
A. the demand for apples to decrease. B. the demand curve to shift toward the origin. C. the quantity of apples demanded to fall. D. the quantity of apples demanded to increase.