Which of the following is a potential source of increased productivity?
A. Growth as envisioned by Malthus.
B. Crowding out.
C. Improved management.
D. Environmental changes as described by doomsday forecasters.
Answer: C
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The annual percentage rate of change in the price level is the:
A. cost of living. B. inflation rate. C. relative price. D. Fisher effect.
A premium death spiral occurs when healthy people leave an insurance pool, which causes premiums to increase, and that causes more people to leave the pool, which results in even higher premiums
Indicate whether the statement is true or false
Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 26 thousand forks B) 20 thousand spoons C) 46 thousand forks D) 40 thousand spoons
Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P 1 to P 2?
a. An increase in consumer incomes b. An increase in production costs c. An increase in the price of a substitute product d. A decrease in the price of a complementary product