Food production over the past 50 years has increased, partially due to
A. lower inflation rates.
B. more farm workers.
C. lower interest rates.
D. better seeds.
Answer: D
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Starting from potential output, if consumer confidence increases and consumers decide to spend more, then this will generate a(n) ________ gap and inflation will ________.
A. recessionary; increase B. expansionary; decrease C. expansionary; increase D. recessionary; decrease
In reality, prices of non-renewable resources have not increased continually according to the model developed in Section 16.3 because of
A) abundance of the resource. B) technological progress changing marginal cost. C) changing market power of producers. D) All of the above.
Deregulation of the airline and trucking industries was followed by the creation of many new firms
a. True b. False Indicate whether the statement is true or false
As the baby boom generation, born during 1946 through 1960, reaches retirement age during the 2011 through 2030 period, the number of workers per Social Security beneficiary is expected to
a. increase to five. b. remain constant at approximately seven. c. decline to approximately five. d. decline to approximately two.