The result of government intervention in the market is that
A. The production possibilities curve always shifts outward.
B. Society is always worse off.
C. Society is always better off.
D. Society could be made better or worse off.
Answer: D
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What helps to explain the remarkable 7.3% growth rate in South Korea between 1960 and 2011?
A) The education of South Korean women B) A radical reduction in foreign imports and a maximization of South Korean exports C) Huge foreign aid from the World Bank D) All of the above. E) None of the above.
The "paired observation" of (14, 6 ) means
A) x = 14, y = 6. B) x = 6, y = 14. C) x = any multiple of 14, y = any multiple of 6. D) the origin is at 14 and 6.
If the real gross domestic product (GDP) is $5 trillion for a particular year and the GDP price index is 140, then the nominal GDP is $7 trillion
a. True b. False Indicate whether the statement is true or false
In a market economy, who or what determines who produces each good and how much is produced?
a. the government b. lawyers c. lotteries d. prices