Growth is advantageous to a nation because it
What will be an ideal response?
lessens the burden of scarcity
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Suppose both countries illustrated in Figure 35.1 specialized completely in the good they could produce with the lowest opportunity cost. What would the total production of motorcycles be?
A. 4,000. B. 8,000. C. 2,000. D. 3,000.
In conditions of full employment
A. the only unemployment results from a normal frictions and structural mismatches in the labor market. B. no one in or out of the labor force is unemployed. C. no one in the labor force is unemployed. D. the only unemployment results from cyclical swings in economic activity.
Lucky buys hats for $20 but Lucky will not sell one of her hats for less than $35. Lucky is ________
A) displaying the endowment effect B) making decisions using her prefrontal cortex C) exhibiting bounded self-interest D) showing unbounded will power
When housing prices fall, as they did beginning in 2006 following the housing market bubble, consumption spending on furniture, appliances, and home improvements ________ as many households found it ________ to borrow against the value of their homes
. A) increased; easier B) declined; harder C) increased; harder D) declined; easier