There are large differences in the standard of living
a. across countries, but not within countries.
b. within countries over time, but not across countries.
c. across countries and within countries over time.
d. across countries, but not in technology or healthcare.
c
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Refer to Figure 13-2. Ceteris paribus, an increase in the capital stock would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Economists favor the use of peak-load pricing since it can
A. improve the equity of the distribution of income. B. enhance the efficiency in the use of scarce resources. C. improve the profit levels of corporations. D. result in lower levels of pollution.
One of the effects of a price floor (set above equilibrium price) is
A) a surplus. B) higher-quality goods are produced. C) more satisfied customers. D) all of the above E) none of the above
If two variables move in opposite directions, they are said to be negatively correlated.
Answer the following statement true (T) or false (F)