A concern about long-run economic growth was important in economics:
A. from the time of John M. Keynes and his General Theory.
B. from the time of Karl Marx and his Das Kapital.
C. only since the 1970s.
D. from the time of Adam Smith and his The Wealth of Nations.
Answer: D
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If the demand curve for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, elasticity equals
A) -0.33. B) -3. C) -9. D) -17.
People will consistently sit through terrible movies at the theater instead of leaving early. This behavior makes no sense because it implies people are:
A. ignoring sunk costs, which is irrational. B. focusing on sunk costs, instead of thinking at the margin. C. thinking at the margin, instead of focusing on sunk costs. D. not thinking at the margin, which is rational.
Holding other factors constant, if the education and skills of the typical worker in an economy increases, then the real wages of workers will ________ and employment of workers will ________.
A. decrease; increase B. decrease; not change C. increase; decrease D. increase; increase
Based on the graph showing an increase in the growth of the money supply, the implication of the economy moving from point A to point C is that policies to alter output or unemployment ______.
a. can eliminate long-term unemployment problems
b. can help the economy sustain high output levels over long periods
c. take a long time to produce any noticeable effects
d. are ineffective over time because the economy returns to natural levels