The assumption that population growth will lead to a fall in real GDP per person rate back to subsistence level is
A) accepted by all economists today.
B) associated with Malthusians.
C) part of the neoclassical school of growth theory.
D) central to the new growth theory.
B
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________ occurs when individuals conform to the decisions of others
A) Herding B) Anchoring C) Signaling D) Sniping
According to the 1974 Constitution of the former Yugoslavia, nobody in Yugoslavia owns resources. Being a socialist country, the constitution claimed resources were owned by "society" as a whole. According to the economic way of thinking,
A) their economic problem would be solved. B) resources would finally be used efficiently, because the profit motive would be destroyed. C) people would use Yugoslavia's resources wastefully because they themselves wouldn't have to pay the opportunity cost. D) the central planners would know how to calculate the true values and costs of resource use.
Travel websites such as Travelocity tend to offer reservation services for multiple travel modes. This is because
A) the firms have contractual obligations to offer reservations for airlines and railroads, for example. B) the firms have statutory obligations to offer reservations for airlines and railroads, for example. C) once the firm has the reservation technology for airlines, there are economies of scale in offering the same service for railroads. D) once the firm has the reservation technology for airlines, there are economies of scope in offering the same service for railroads.
One form of "cost-push inflation," economists refer to are
A. attempts by labor to raise wages that result in increases in prices. B. rising prices due to excessive levels of government spending financed by open-market operations through the Fed. C. rising prices due to excessive levels of aggregate demand. D. the rise in total sales revenue attributable to price-tag changes rather than to real volume changes.