In general, pollution exists in situations in which
A) people are selfish.
B) people refuse to take social responsibility seriously.
C) there are poorly defined private property rights.
D) there exists public property.
C
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An inflationary gap exists when:
A. output exceeds aggregate demand. B. aggregate demand exceeds output. C. potential output exceeds actual output. D. actual output exceeds potential output.
In the above figure, the economy will be at full employment if the price level
A) is 110. B) is above 110. C) is below 100. D) All of the above are possible because the economy will be at full employment at any price level at, above, or below 110.
The price system is sometimes criticized in that it
A. leads to greater efficiency. B. results in allowing the rich get a disproportionate say in what goods and services are produced. C. coordinates activities without the need for planning by government agencies. D. relies too heavily on input-output analysis.
The substantial increases in output per worker over the last 50 or so years are largely explained by __________
Fill in the blank(s) with correct word