The statement "By the time our grandchildren are born, scarcity will not be a problem" is
A. possible only if technology advances at a great pace.
B. true, because we will learn to limit our wants in the future.
C. true, because by that time everyone's basic needs will be met.
D. false, because people always want more than there is available.
D. false, because people always want more than there is available.
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The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
If a demand shock causes the economy to move to a real GDP level that is below its full employment level, then
a. we refer to this as a positive demand shock. b. the economy will remain at this point in the long run. c. the AS curve will adjust in the long run until the economy returns to full employment. d. the AD curve will move back to its original position in the long run. e. the unemployment rate will decline.
A decrease in price will lead to an increase in the quantity demanded.
a. true b. false
The sum of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS) always equals:
A. 1. B. 0. C. the interest rate. D. the marginal propensity to invest (MPI).