Which of these would economists consider the worst?
A. inflation of 5%
B. deflation of 5%
C. depression
D. recession
Answer: C
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According to the United Nations, the largest expected growth in population for the coming decades will occur on which continent?
A) South America B) Africa C) Europe D) North America
Whenever the ratio of marginal products to input prices differs across inputs,
A. no change will necessarily follow because the process could still be at peak efficiency. B. a firm's costs could be reduced by shifting input usage toward the input with the lower marginal product to price ratio. C. the marginal products of inputs will adjust as input combinations change to correct for the inefficiency. D. the costs of the inputs adjust to bring the marginal product ratios and cost ratios together.
Double counting in the national income accounts will be avoided if GDP is computed by totaling all:
A. sales. B. sales of final output. C. production costs. D. sales of final output and intermediate goods.
When the price of milk rises, there is no change in the amount of dog food purchased. This is an example of:
A. indifference trade-off between the two goods. B. the interaction between -two correlated goods. C. the value people place on dogs versus milk. D. two items that are uncorrelated.