Growth in the standard of living is measured by the increase in
A) real GDP.
B) the Rule of 70.
C) employment.
D) real GDP per person.
E) consumption.
D
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The problem of bringing economic agents together to trade is referred to as the:
A) incentive problem. B) coordination problem. C) correspondence problem. D) scarcity problem.
The above table gives techniques Jitters Coffee Company can use to package 5,000 pounds of coffee. Which technique(s) is (are) technologically inefficient?
A) A B) C C) B and C D) B, C, and D
When the monopoly insurer cannot observe the care taken by the insured party to avoid an accident, the most profitable contract for it:
a. offers full insurance at a higher price than the full-information policy. b. offers full insurance at a lower price than the full-information policy. c. offers partial insurance at a higher price than the full-information policy. d. offers partial insurance at a lower price than the full-information policy.
A higher price level would mean ____ for a person who has a bank deposit of $2 million.
A. an increase in real income B. a decrease in real wealth C. a decrease in nominal income D. an increase in nominal income