Recall the Application about the effect of global warming on economic growth to answer the following question(s). According to this Application, over time, as economies adapt to higher temperatures:
A. approximately half the decline in per capita income disappears.
B. approximately half the increase in per capita income disappears.
C. per capita income does not seem to change.
D. real income begins to increase and per capita income begins to decrease.
Answer: A
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Which of the following is true about Keynes?
A. He focused primarily on reducing inflation by shifting aggregate supply B. He was a classical economist and prescribed a policy of laissez faire C. He believed aggregate demand could be inadequate to ensure full employment D. He was opposed to government intervention in the economy
You acquire human capital by:
A. investing in health care. B. gaining experience in jobs. C. getting an education. D. All of these are true.
Approximately how many commercial banks are now operating in the United States?
A. About 7,300. B. About 6,000. C. About 8,500. D. About 6,800.
Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve?
1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. A. 3 only B. 1, 3, and 4 only C. 1, 2, 5, and 6 only D. 3 and 4 only