For the poorest countries, a slight improvement in economic growth will, over time, ______.
a. have no impact on the standard of living
b. cause them to become richer than today’s richest countries
c. have no impact on their level of wealth
d. improve the standard of living
d. improve the standard of living
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If the demand curve for bottled water shifts leftward and the supply curve of bottled water shifts leftward, the equilibrium
A) price of bottled water definitely increases. B) price of bottled water definitely decreases. C) quantity of bottled water definitely increases. D) quantity of bottled water definitely decreases.
Suppose Alice is deciding whether or not to go to a New York Giants game. Alice's enjoyment and thus decision, depends upon two uncertain events that are out of her control: whether the Giants win and whether it snows. She will be happiest if the Giants win and it does not snow. The newspaper reports a 35% chance for snow and the Giants record suggests a 40% chance of winning. The probability that the Giants lose and it snows is:
A. 21%. B. 26%. C. 95%. D. 25%.
Changes in the rate charged by electric power companies are subject to government control because
A. the electric power companies are government enterprises. B. consumer ignorance makes it impossible to know what rates are fair. C. the electric power companies are firms that exhibit economies of scale. D. cutthroat competition would probably occur if the government did not intervene.
GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included