Per capita GDP will definitely fall if
A. There is a decrease in the size of the working population.
B. The population falls.
C. The rate of economic growth falls.
D. The rate of economic growth is less than the rate of population growth.
Answer: D
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An inferior good is ordinary:
a. always. b. if the substitution effect exceeds the income effect. c. if the income effect exceeds the substitution effect. d. never.
Which of the following statements concerning major cycles is incorrect?
a. major cycles are characterized by wide fluctuations in business activity b. the United States has experienced five major cycles since World War II c. severe recessions in major cycles result in widespread unemployment d. during major cycles, economic activity rises and falls relative to the long-term growth trend
If the government establishes a price floor, it must also be prepared to
a. sell any additional goods created by the price floor b. create ration coupons to allocate the goods among consumers c. enter the market as an additional demander of the good d. handle the resulting excess demand e. create incentives for producers to remain in the market
The biggest breakup of a trust under the Sherman Act was the breakup of the ___________.
Fill in the blank(s) with the appropriate word(s).