Money grows faster than real GDP will result ____, while money grows slower than real GDP will result ____.
What will be an ideal response?
Inflation; deflation
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The entry of China and other developing countries into the global economy ________ the value of marginal product of factory workers in the United States and ________ their wage rate
A) increases; lowers B) decreases; raises C) decreases; lowers D) increases; raises
The Surgeon General announces that eating apples promotes healthy teeth. As a result, the equilibrium price of apples
a. increases, and producer surplus increases. b. increases, and producer surplus decreases. c. decreases, and producer surplus increases. d. decreases, and producer surplus decreases.
Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions."
A. John Maynard Keynes B. Alfred Marshall C. Adam Smith D. President Harry Truman
The market demand for the product of a monopolistic competitor will likely be
A. relatively elastic. B. unitary elastic. C. perfectly elastic. D. relatively inelastic.