The benefits of economic growth are ________, while the costs of economic growth are ________.
A. increased output per person; too small for concern
B. more current consumption; less future consumption
C. increased output per person; less future consumption
D. increased output per person; the consumption sacrificed in exchange for capital formation
Answer: D
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The report that concluded that the world will run out of oil in about 40 years used which formula to calculate the number of years to depletion?
A) (proven reserves + unknown reserves) ÷ annual consumption = number of years to depletion B) total reserves ÷ total consumption = number of years to depletion C) proven reserves ÷ annual consumption = number of years to depletion D) proven reserves ÷ unknown reserves = number of years to depletion
GDP does count:
a. state and local government purchases. b. spending for new homes. c. changes in inventories. d. none of these.
A perfectly competitive firm
a. can increase total revenue by raising its price b. can sell more goods by lowering its price c. can sell more goods by raising its price d. cannot increase sales or total revenue by changing its price e. typically tries to offer lower prices than rival firms
An agreement with another country in which it agrees to import more from the United States is called a
A) VRA. B) VIE. C) VAR. D) VAT.