Specialization is not affected by the geography of an area
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following best explains why you are more likely to see a poor person than a wealthy person picking up aluminum cans to sell?
A. The opportunity cost of picking up cans is higher for wealthy people than for poor people. B. Wealthy people do not care about the environment. C. Wealthy people are more aware of diseases transmitted through litter than are poor people. D. Wealthy people are more concerned about their public image than are poor people.
Countries are concerned about small changes in their average annual growth rates in per capita income because
A) growth rates are a factor in U.N. participation. B) the power of compounding means small changes have large effects over time. C) growth rates tend to decline over time. D) the faster a country grows today, the less it will be able to consume in the future.
If the theory behind an economic model fits the data poorly, you would probably want to
A) use the theory to predict what would happen if the economic setting or economic policies change. B) start from scratch with a new model. C) enrich the model with additional assumptions. D) restate the research question.
If a price is above equilibrium,
A. A surplus will cause the price to fall and the quantity supplied to decrease. B. A surplus will cause the price to fall and the quantity supplied to increase. C. A shortage will cause the price to fall and the quantity supplied to decrease. D. A shortage will cause the price to rise and the quantity supplied to increase.