On average, since 1900 U.S. output has grown by roughly ________ percent per year.
A. 9
B. 1
C. 3
D. 6
Answer: C
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According to Keynesian economics, if there are unutilized resources in the economy and aggregate demand increases
A) real GDP will fall and price level will remain constant. B) real GDP will rise and price level will remain constant. C) real GDP will rise and price level will fall. D) real GDP will rise and price level will rise.
Economists use a model that is a literal description of business’ behavior.
Answer the following statement true (T) or false (F)
The price elasticity of supply is 0.6. This means that
A) a $10 increase in price would increase quantity supplied by 60. B) a 150 percent increase in price would increase quantity supplied by 90 percent. C) a 50 percent increase in quantity will occur when price increases by 30 percent. D) a 10 percent increase in quantity will occur when price increases by 6 percent.
The residents of a particular town typically enjoy taking their dogs along when they go to their local park for recreation and picnics. Everybody enjoys the park more when each group cleans up after themselves and their pets, but nobody enjoys the act of cleaning up after themselves or their dogs. We can expect the park to be _____ because of the _____
a. dirty; prisoner's dilemma b. clean; prisoner's dilemma c. dirty; overuse of a common resource d. clean; overuse of a common resource