In the absence of technological progress, we know with certainty that an decrease in the saving rate will cause which of the following?
A) decrease steady state consumption
B) increase steady state consumption
C) have no effect on steady state consumption
D) decrease steady state consumption only if the decrease in saving exceeds the increase in depreciation
E) decrease steady state consumption only if the decrease in saving is less than the decrease in depreciation
E
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Over the range of output, a firm’s marginal revenue initially increases and then decreases.
Answer the following statement true (T) or false (F)
Which of the following phrases does not accurately describe a feature of the European economy during the Renaissance period?
a. Technological advances in navigation b. The rise of nation-states c. Declining population d. Increased security of persons and property
Refer to the given data. The domestic opportunity cost of:
Answer the question on the basis of the following production possibilities data for two countries, Alpha and Beta, which have populations of equal size.
A. producing a ton of chips in Alpha is 1/5 of a ton of fish.
B. producing a ton of chips in Beta is 6 tons of fish.
C. catching a ton of fish in Alpha is 5 tons of chips.
D. catching a ton of fish in Beta is 6 tons of chips.