Technological advances generally result in
A) decreased incomes.
B) increased life expectancy.
C) increased infant mortality rates.
D) increased average number of hours worked per day.
Answer: B
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The demand for a good is more price inelastic if
A) its price is higher. B) the percentage of income spent on it is larger. C) it is a luxury good. D) it has no close substitutes.
The Glass-Steagall Act forbids banks from owning
A) municipal bonds. B) corporate stock. C) home mortgages. D) bonds issued by foreign governments.
If a country's population grows at the same rate as its real GDP, then real per capita GDP:
a. grows at an increasing rate. b. grows at a constant rate. c. doesn't change. d. decreases at a decreasing rate. e. decreases at a constant rate.
A monopolistically competitive firm may earn above normal profits or may incur losses in the short run
a. True b. False Indicate whether the statement is true or false