The Industrial Revolution and modern economic growth resulted in:
A. the average human lifespan more than doubling.
B. a major population shift from urban to rural areas.
C. increased production by local craftsmen.
D. all of these.
Answer: A
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Which of the following is the best example of two inputs that would exhibit a constant marginal rate of technical substitution?
A) trucks and truck drivers B) natural gas and oil C) personal computers and clerical workers D) company-employed computer programmers and temporary supplemental computer programmers
When taxes are decreased, disposable income increases even though GDP is unchanged
a. True b. False Indicate whether the statement is true or false
If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be
a. 2012. b. 2013. c. 2014. d. The base year cannot be determined from the given information.
An expansion occurs when ________, when ________, or when both of these occur.
A. potential output grows rapidly; actual output rises above potential output. B. potential output grows slowly; actual output equals potential output C. potential output grows slowly; actual output rises above potential output D. potential output grows rapidly; actual output equals potential output