In a Malthusian world, what event would improve temporarily the standard of living, as measured by output per capita?
A) a peace keeping mission
B) an increase in violent crime
C) a new mutation of germs
D) a new sewer system
B
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The official definition of a recession is when real GDP declines for two consecutive quarters
a. True b. False
This graph shows three different budget constraints: A, B, and C.
If Doug is on budget constraint C in the graph shown, what would cause it to shift to budget constraint B?
A. Doug's grocery store raises the price of milk by 10 percent. B. Doug loses his job. C. Doug finds soda at a warehouse outlet for a lower price. D. Doug's grocery store has lowered all prices by 33 percent.
A government, based upon its policy decisions, can determine the position and shape of the production possibilities frontier that the economy faces.
Answer the following statement true (T) or false (F)
What would be an example of a government good?
A) Antonio, the manager of the local Taco Hut, purchases a new deep fryer. B) Rhianna gets a haircut. C) Jake buys an iPhone. D) Donald Trump purchases furniture for his office. E) The local driver's license office purchases a new digital camera and printer.