What is likely to happen to resource demand in the next few decades?
What will be an ideal response?
Resource demand is likely to increase significantly during the next few decades as more countries modernize and begin to consume more energy and other resources per capital. The increasing demand in developing countries will be offset somewhat by the declining demand in richer nations as population growth and resource use per capital declines in these nations. Improvements in technology should also contribute to more efficient resource use.
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Suppose the government cracks down on illegal immigration. How will this affect the demand and supply of labor
What will be an ideal response?
A situation in which a market economy leads to too few or too many resources going to a particular economic activity is known as
A) competition. B) excessive competition. C) destructive competition. D) a market failure.
When a company’s stock is owned by thousands of individuals,
A. management will be very independent. B. management will be lacking. C. individuals will band together to socialize the firm. D. management will be prevented by government from taking any risks.
The modern view of the Phillips curve suggests that
a. when inflation is less than anticipated, unemployment will rise above the natural rate. b. monetary policy will be unable to affect inflation. c. when people accurately anticipate inflation, expansionary monetary policy will reduce unemployment. d. when inflation exceeds what was anticipated, the natural rate of unemployment will rise.