New growth theory predicts that
A) economic growth is only temporary.
B) economic growth can last indefinitely.
C) economic growth is eroded by changes in taxes.
D) government policies can do nothing to foster increased growth.
B
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Which of the following best describes the impact of the Emissions Trading Scheme in the European Union between 2005 and the late 2000s?
A) Overall greenhouse gas emissions increased. B) Overall greenhouse gas emissions decreased. C) Overall greenhouse gas emissions were totally eliminated. D) Overall greenhouse gas emissions were constant.
Consumer surplus is
a. the amount by which quantity supplied exceeds quantity demanded at the current market price b. the amount by which quantity demanded exceeds quantity supplied at the current market price c. the change in total utility derived from a one-unit change in the consumption of a good d. the difference between the price of the good paid by the consumer and the costs of production to the seller e. the difference between the maximum amount that a consumer is willing to pay for a given amount of a good and the amount that the consumer actually pays
If both the price level and nominal incomes change by the same percentage: a. real GDP will remain constant
b. the aggregate supply curve will be upward-sloping. c. profit margins will change in real terms. d. the long-run aggregate supply curve will be horizontal. e. both a and d.
A dollar figure from 1908 is converted into 2008 dollars by dividing the 2008 price level by the 1908 price level, then multiplying by the 1908 dollar figure
a. True b. False Indicate whether the statement is true or false