In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third. Assuming diminishing returns, the decrease in population should have
a. increased productivity and real GDP per person.
b. increased productivity but decreased real GDP per person.
c. increased real GDP per person, but decreased productivity.
d. decreased productivity and real GDP per person.
a
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Most modern economists agree that there is a single factor that can be used to explain economic growth. a. This is a true statement because what are needed are abundant resources
b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights. c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor. d. This is a false statement because economists typically do not agree on policy issues.
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. The introduction of satellite TV service is a form of:
A. price gouging. B. profiteering. C. market entry. D. All of these.
Suppose $100 is deposited in a bank account paying 5% compounded annually. If the interest earned is X after 5 years, then the interest earned will be 2X after 10 years
Indicate whether the statement is true or false
Refer to the given information. If the members of the underground economy are presently counted as part of the unemployed when in fact they are employed, the official unemployment rate is overstated by about:
A. 0 percentage points.
B. 2 percentage points.
C. 5 percentage points.
D. 6 percentage points.