Scarcity reflects our inability to satisfy wants due to:
A. unlimited resources.
B. limited resources.
C. inefficient political systems.
D. unemployed workers.
B. limited resources.
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The view that population growth occurs when real GDP per person exceeds the amount necessary to sustain life is part of the ________
A) classical growth theory B) modern theory of population growth C) neoclassical growth theory D) new growth theory
What is the cross-price elasticity of demand? How is it measured?
During a time of inflation the nominal rate of interest will be
A. higher than the real rate. B. the same as the real rate. C. lower than the real rate. D. negative.
Someone notices that sunspot activity is high just prior to recessions and concludes that sunspots cause recessions. This person has:
A. confused association and causation. B. misunderstood the Ceteris paribus assumption. C. used normative economics to answer a positive question. D. built an untestable model.