If living standards in a country, as measured by output per person, decrease, then total output must have:
A. decreased more slowly than population decreased.
B. increased more slowly than population increased.
C. increased more rapidly than population increased.
D. increased at the same rate that population increased.
Answer: B
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“The hotter it gets, the more water people drink.” This statement implies that the relationship between temperature and water consumption must have a
A. negative slope. B. positive slope. C. slope always equal to one. D. slope always equal to 45 degrees.
Which of the following statements is not compatible with the opportunity cost theory?
A) Demand plays a role in the determination of costs. B) Labor costs depend upon the demand for labor. C) Relative prices reflect the relative amount of human labor required to produce goods. D) Supply as well as demand depends upon subjective preferences.
If aggregate expenditure is less than GDP, then inventories rise and GDP falls
Indicate whether the statement is true or false
The free rider problem is the main source of market failure in the provision of nonexcludable public goods.
Answer the following statement true (T) or false (F)