During the 2000-2009 decade,
a. the economic freedom rating of the United States fell, but the growth rate of real GDP was more rapid than in recent decades.
b. the economic freedom rating of the United States increased and the growth of real GDP was more rapid than that of recent decades.
c. the economic freedom rating of the United States fell and the growth of real GDP was less rapid than that of recent decades.
d. the economic freedom rating of the United States increased but the growth of real GDP was less rapid than that of recent decades.
C
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Which of the following illustrates an optimistic expectation of the people about the economy?
a. A movement to the right along the aggregate demand curve b. A rightward shift of the aggregate demand curve c. A leftward shift of the aggregate demand curve d. A movement to the left along the aggregate demand curve e. A flatter slope of the aggregate demand curve
Suppose that gasoline prices increase dramatically this month. Lola commutes 100 miles to work each weekday. Over the next few months, Lola drives less on the weekends to try to save money. Within the year, she sells her home and purchases one only 10 miles from her place of employment. These examples illustrate the importance of
a. the availability of substitutes in determining the price elasticity of demand. b. a necessity versus a luxury in determining the price elasticity of demand. c. the definition of a market in determining the price elasticity of demand. d. the time horizon in determining the price elasticity of demand.
The optimal hiring rule is to employ labor up to the point where:
a. wage = MP. b. wage = MR. c. wage = MRP. d. wage = MFC.
What percentage of the world's population subsists on incomes of less than $3 a day?
A. 50 percent. B. 40 percent. C. 60 percent. D. 70 percent.