A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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Benny, Denny, Jenny, Kenny, and Lenny are tap-dancing siblings who perform as the Tapiocas
Do to their individual dance styles, Benny and Denny each have a 50% chance of developing hammer toe, and Jenny, Kenny and Lenny each have a 20% chance of developing hammer toe. Each visit to the podiatrist costs $250. If each member of the Tapiocas were offered hammer toe insurance, how much would the premium be?
If there are both external benefits and external costs: a. the social marginal benefit of an activity exceeds the private marginal benefit. b. the private marginal benefit of an activity exceeds the private marginal cost. c. the social marginal cost of an activity exceeds the private marginal cost
d. Both a. and c. are true.
In periods of relatively high levels of unemployment, a classical economist would advocate which of the following governmental policies to move the economy toward full employment?
A. Wage and price controls B. None or a laissez-faire policy C. Fiscal policy D. Monetary policy
In general, a greater population growth rate means ______.
a. lower capital stock per worker b. greater economic growth c. a higher standard of living d. fewer diminishing marginal returns