Before the Industrial Revolution, living standards in the world:
A. Were relatively stagnant for long periods of time
B. Were already rising significantly for many decades
C. Are not known, for lack of reliable records from that period
D. Were declining because of rapid increases in population
A. Were relatively stagnant for long periods of time
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An increase in the prices of ________ goods is unlikely to put downward pressure on a currency's nominal exchange rate
A) parity B) nontradable C) identical D) relative
A price floor that sets the price of a good above market equilibrium will cause
a. a decrease in quantity demanded of the good. b. an increase in quantity supplied of the good. c. a surplus of the good. d. all of the above.
Answer the following statements true (T) or false (F)
1. If society has over-allocated resources to a particular activity, then the marginal benefits of the activity would be less than the marginal costs. 2. A nation's production possibilities curve shows the maximum combinations of resources that a nation can use. 3. A reduction in the unemployment rate will cause the nation's production possibilities curve to shift outwards. 4. Economic growth is shown as an increase in production from inside the production possibilities curve out toward a point on the possibilities curve.
Which of the following goods is likely to have the highest income elasticity?
A) a designer blouse B) tomato soup C) hamburger D) can of tuna