One of the basic economic defences of economic growth rests on the conclusion that:
What will be an ideal response?
Growth makes the gap between unlimited wants and scarce resources less acute
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All of the following would show a more equal distribution than the distribution of money income EXCEPT
A) total income. B) after-tax income. C) wealth. D) lifetime earnings.
Suppose the U.S. price level rose at the same time the Mexican price level remained constant. Which of the following would occur?
a. The demand for pesos would increase. b. The supply of pesos would decrease. c. The supply of pesos would increase. d. The demand for pesos would decrease. e. The supply of pesos would stay constant.
A game involving two players with two possible strategies is a prisoner's dilemma if each player has a dominant strategy and:
A. each player's payoff is higher when both play their dominant strategy than when both play their dominated strategy. B. there is a Nash equilibrium that yields the highest payoff for both players. C. each player's payoff is higher when both play their dominated strategy than when both play their dominant strategy. D. neither player plays their dominant strategy.
The above figure shows the short run cost curves for a typical firm in a competitive market. If price = 8, then the firm
A) is earning positive profits. B) should produce 50 units. C) should shut down. D) None of above.