The rise in average living standards experienced by most industrialized countries:
A. was more rapid before 1870 than after 1870.
B. has been continuous over the course of human history.
C. has resulted primarily from an increase in population worldwide.
D. has been more rapid since 1950 than before 1950.
Answer: D
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The economic theory of government predicts elected officials at the federal level will have incentives to act in ways that
A) cause inflation. B) increase uncertainty and the instability of total demand. C) secure short-term economic gains with deferred costs. D) result in all of the above. E) result in none of the above because they will usually want to be reelected.
Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2 )q where p is price in $ per hour and q is hours per month
The firm faces a constant marginal cost of $1. The profit maximizing two-part tariff yields results in the firm selling A) 4.5 hours. B) 10 hours. C) 5 hours. D) 8 hours.
Other things the same, continued increases in technology lead to
a. continued increases in the price level and real GDP. b. continued decreases in the price level and real GDP. c. continued increases in real GDP and continued increases in the price level. d. continued increases in real GDP and continued decreases in the price level.
A direct cost of public debt is:
A. it can pay for investments that will lead to economic growth in the long run. B. the interest the government has to pay to the people it has borrowed from. C. it allows the government to be flexible when something unexpected happens. D. All of these are costs to holding public debt.