The relevance of the paradox of thrift was more relevant.
A. In the late 1990's and early 2000's.
B. At the end and soon after the Great Recession.
C. During periods of high inflation.
D. During period of high unemployment.
B. At the end and soon after the Great Recession.
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Disease, poor nutrition, and substandard health care in developing nations can reduce growth in an economy by
A) reducing physical capital. B) reducing human capital. C) increasing technological change. D) increasing labor productivity.
Consider the production possibilities curve for an economy producing only two commodities wheat (represented on the X axis) and wine (represented on the Y axis). A movement up along the production possibilities curve [PPC] will imply:
a. an increase in wheat production. b. an increase in both wheat and wine production. c. a decline in both wheat and wine production. d. an increase in wine production. e. no change in either wheat or wine production.
A price ceiling imposed below equilibrium price causes a deadweight loss for society because: a. buyers benefit at the expense of sellers
b. as a result of the ceiling, units of output are not produced despite the fact that the value to consumers exceeds the production cost. c. sellers benefit at the expense of buyers. d. the poor gain at the expense of the rich.
The equation TR/Q is used to compute
A) total cost. B) average revenue. C) demand. D) marginal revenue.