Economic growth always takes the form of
A.) An expansion of production possibilities.
B.) A change in how goods are distributed.
C.) A movement along the production possibilities curve.
D.) Higher prices.
A.) An expansion of production possibilities.
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The interest parity condition requires that:
A) all countries have the same interest rate. B) there is a unique exchange rate for every output level. C) purchasing power parity hold. D) interest rates are fixed in the short run. E) the money supply is held constant.
Suppose sellers of liquor are required to send $5.00 to the government for every bottle of liquor they sell. Further, suppose this tax causes the price paid by buyers of liquor to rise by $3.00 per bottle. Which of the following statements is correct?
a. This tax causes the supply curve for liquor to shift upward by $5.00 at each quantity of liquor. b. The effective price received by sellers is $5.00 per bottle less than it was before the tax. c. Forty percent of the burden of the tax falls on buyers. d. All of the above are correct.
Researchers use cost-of-illness studies for all of the following except to:
a. compare two or more treatment options when the medical outcome is identical. b. increase public awareness of the cost of treating certain diseases. c. compare the relative efficiency of treating various conditions. d. study the burden of a disease. e. determine the low-cost option to treat a disease.
In Figure 5.1, the demand curve along which price elasticity of demand changes as you move along it is on graph:
A. A. B. B. C. C. D. D.