Show me a pastoral society with an untouched environment, an abundance of leisure, and non-secular values, and I will show you an underdeveloped, poverty-ridden country." This statement is most likely to be made by a(n):
A. Advocate of learning by doing
B. Advocate of network effects
C. Proponent of economic growth
D. Critic of economic growth
C. Proponent of economic growth
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A sudden massive reduction in the availability of chocolate will likely cause the price of chocolate to ________, which will ________ the quantity of chocolate demanded by consumers
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A country producing a combination of 9 units of guns and 6 units of butter would be _____________ (outside/on/inside) the production possibilities curve.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Policies taken to move the economy closer to potential output:
A. must be expansionary policies. B. must be contractionary policies. C. are called stabilization policies. D. are lagging policies or automatic policies.