In any country, the population will generally be better off as long as the ____ over time and population ____
a. quantity and quality of output decreases; does not increase faster than real output
b. quantity and quality of output increases; increases faster than real output
c. quantity and quality of output increases; does not increase faster than real output
d. technology improves; increases faster than real output
c
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If some activity creates external benefits as well as private benefits, then economic theory suggests that the activity ought to be
A. subsidized. B. prohibited. C. taxed. D. left alone.
Under what circumstances would the GDP deflator be less than 100 after the base year?
A) The GDP deflator will be less than 100 if there has been deflation relative to the base year. B) There are no circumstances under which the GDP deflator could be less than 100. C) The GDP deflator will be less than 100 if there has been inflation relative to the base year. D) The GDP deflator will be less than 100 if there has been inflation of less than 2% per year relative to the base year.
The household budget constraint may have a kink because
A) there is uncertainty. B) households prefer diversity. C) households may substitute consumption for leisure, or the reverse. D) leisure is limited by the number of available hours.
The lending ability of the banking system increases if the:
a. Reserve ratio rises. b. Preferred asset ratio for customary reserves rises. c. Preferred asset ratio for near money rises. d. Demand to hold money rises. e. All of the above.