Which one of the following is normally the cheapest way to address water shortages?
a. Expanded development of groundwater aquifers
b. Desalination
c. Building dams
d. Water conservation efforts
e. Creating a system of property rights
Answer: d. Water conservation efforts
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Income per capita is ________
A) gross domestic product divided by total labor force B) gross domestic product divided by total population C) gross domestic product divided by total amount of capital used D) gross domestic product divided by total unit of all goods produced
In the United States, the poorest 20 percent of households receive about ________ percent of total income
A) 15 B) 20 C) 3 D) 49 E) 23
During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be
A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.
If the PCE deflator increased from 88 to 99 in one year, the rate of consumer inflation is:
A. 10.0 percent. B. 12.5 percent. C. 13.4 percent. D. 11.0 percent.