Demand is elastic along the upper half of a linear demand curve, which means that a decrease in price will increase the quantity sold by a larger percentage amount.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 2-11. The shift of the production possibilities frontier from A to B can best be described as
a. Simultaneous Technological advances in the book and DVD industries.
b. Reallocation of resources away from the production of DVDs and toward the production of books.
c. Economic growth
D. All of the above are correct
The underground economy
a. includes mining production. b. is estimated by the government and the estimate is part of official GDP. c. includes production that uses illegal workers who are paid less than minimum wage. d. is measured by government officials through tax returns. e. is difficult to describe but easy to measure.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, based on the analysis of the sources of growth in China and India, and assuming that nothing changes, it can be concluded that:
A. India's long-term growth prospects are not as strong those for China. B. the growth rate in China should significantly slow down in the near future, but the growth rate in India will continue to rapidly increase in the near and distant future. C. there is convergence between the nations in Asia. D. China's reliance on technology for economic growth makes it less likely to keep pace with the growth rate in India.
The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers. B) all productive contributions of humankind. C) only the value of the work done by scientists. D) all employees who have high school diplomas.