Economic progress
a. reflects that people are achieving higher income levels and living standards.
b. requires that individuals work longer hours.
c. indicates that scarcity is no longer a problem.
d. indicates income levels are higher even though environmental and health conditions have worsened.
a. reflects that people are achieving higher income levels and living standards.
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How would economists interpret the following facts? Fact: Over the past two decades the relative price of new textbooks has risen dramatically. Another fact: Record numbers of new textbooks have been purchased by students over the past two decades
A) The law of demand has been violated. B) The law of supply has been violated. C) The supply and demand process in new textbooks hasn't worked correctly. D) The demand for textbooks has increased. E) The facts aren't true.
A decrease in autonomous investment ________
A) increases equilibrium output at any interest rate B) causes a movement down along the IS curve C) shifts the IS curve to the left D) all of the above E) none of the above
In general, pollution is economically inefficient because _____
a. people do not like breathing bad air b. it is a byproduct of a market exchange c. producers are only pursuing their own self-interests d. producers do not have to internalize the opportunity cost of clean air
Public transit offers discounted monthly passes to students, which can only be bought and used with valid student IDs. The transit system is using
a. A direct discrimination scheme b. An indirect discrimination scheme c. The Robinson-Patman act d. None of the above