Which of the following contributes to economic development?
What will be an ideal response?
investment in infrastructure
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Assume that you have heard news that a local radio station is hosting a luncheon at your school by offering hot dogs, chips and cola at no expense to the student body. Why would economists say that this lunch is not truly free?
What will be an ideal response?
If quality-detection costs are very low,
a. lower quality products will tend to be outcompeted in the market, and the average quality will rise. b. lower quality products will tend to be outcompeted in the market, but the average quality will fall. c. higher quality products will tend to be outcompeted in the market, and the average quality will rise. d. higher quality products will tend to be outcompeted in the market, and the average quality will fall.
When an economy is operating with maximum efficiency, the production of more of commodity A will entail the production of less of commodity B because
a. resources are specialized and are not shiftable. b. resources are limited. c. the structure of demand is fixed at any point in time. d. material wants are insatiable.
If the price of inputs rises and foreign income rises:
a. Price index falls, and real GDP rises. b. Price index falls, and real GDP falls. c. Price index falls, and the change in real GDP is uncertain. d. Price index rises, and the change in real GDP is uncertain. e. The change in price index is uncertain, and real GDP falls.