Which of the following is true of the per person income of the West (Western Europe and its offshoots of the United States, Canada, Australia, and New Zealand)
a. It has increased each century and grown steadily since 1500.
b. It is now approximately 20 times greater than the figure of 200 years ago.
c. It rose steadily between 1000 and 1800, but income growth has slowed during the past 200 years.
d. While income per person has increased since 1800, there has been little change in life expectancy and other indicators of quality of life during this time period.
B
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The adverse selection problem in international investment means
A. that government officials may demand higher than the usual amount of bribes. B. those in the highest levels of government are the most dishonest. C. that the recipients of the funds may use the funds for other than the approved projects. D. that those seeking funds for the riskiest projects are those most actively seeking the funds.
A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.
Assume Congress decides that oil companies are making too much profit and decides to increase the tax on oil companies for each gallon of gasoline produced. This would
A) guarantee a decrease in profits. B) guarantee an increase in profits. C) guarantee an increase in tax revenues. D) None of the above.
Which of the following is not an accurate summary of the equilibrium associated with a single competitive labor market?
A. Firms receive surplus equal to the area above the wage rate and below the demand for labor. B. Total economic surplus is maximized. C. Total firm surplus equals total worker surplus. D. All workers are paid the same market-clearing wage. E. Workers receive surplus equal to the area below the wage rate and above the supply of labor.