It is possible for an economy to become more productive and per-capita output to increase if:
A. new ideas are generated.
B. inventions are developed.
C. technology is improved.
D. All of these
Answer: D
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If the income elasticity for a particular good is negative, then:
A. as income increases, consumers will tend to purchase more of the good. B. as income increases, consumers will tend to purchase less of the good. C. the good is a normal good. D. the good is a luxury good.
Which of the following IACs (industrially advanced countries) was the leading provider of development assistance to DVCs (developing countries) in 2012, in terms of absolute dollar amounts?
A. United States B. Japan C. Canada D. Germany
At what average annual rate has real GDP and real GDP per capita, respectively, grown from 1950 to 2012?
A. 7.5 percent and about 5 percent B. 3.1 percent and about 2 percent C. 5.1 percent and about 3 percent D. 1.1 percent and about 0.5 percent
If it is possible to place a commonly held resource under private ownership, then:
A. the privately held resource will be underused relative to the social optimum. B. the tragedy of the commons becomes even worse. C. the tragedy of the commons can be solved. D. the privately held resource will be overused relative to the social optimum.