Which of the following affect the growth in real GDP per capita?
a. the total production of final goods in the economy.
b. the population
c. the production of final services in the economy.
d. all of the above
d
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Discuss the difference between renewable and nonrenewable resources. Given an example of each
What will be an ideal response?
Inflation is
A) a one time increase in the general level of prices. B) a persistent increase in the price of an individual good, service or resource. C) a persistent increase in the general level of prices. D) a one time increase in the price of an individual good or service.
Ceteris paribus means:
A.) Leave the market alone. B.) Noninterference by the government. C.) Other things remaining equal. D.) Things are always changing.
If a typical consumer is willing to pay $3,000 for a plum and $1,000 for a lemon, and there is a 50% chance of getting a lemon, the typical consumer is willing to pay $2,000 for a used car.
Answer the following statement true (T) or false (F)