In 1961, real GDP totaled $575 billion and in 2011 it totaled $1,255 billion. Between 1961 and 2011, the population increased from 50 million to 100 million. Between 1961 and 2011, the standard of living based on real GDP per person
A) decreased from $125,500 to $28,750.
B) increased by about 118 percent.
C) increased from $11,500 to $12,550.
D) decreased by 9 percent.
E) increased by over 300 percent.
C
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Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III
Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only B) II only C) I and II D) I, II and III
What are two benefits of the new auto-emission standards?
What will be an ideal response?
After the American Revolution, the public domain expanded and the amount of community property held by the federal government grew considerably. If it had stayed community property, there would have been problems, according to Hughes and Cain (2011)
These problems include which of the following? (a) Individuals using it would not have incentive to conserve it or use it wisely. (b) The problem of "free riders" would have been troublesome and resulted in a "free-for-all," which could have ended in violence. (c) Each person faced incentive to overuse the communal rights of others. (d) All of the above.
Economic behavior is always rational
a. True b. False Indicate whether the statement is true or false