Which of the following is a good gauge of economic progress?
a. the level of real GDP per person, but not the growth rate of real GDP per person
b. the level of real GDP per person and the growth rate of real GDP per person
c. the growth rate of real GDP per person, but not the level of real GDP per person
d. neither the level nor the growth rate of real GDP per person
c
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Which of the following events illustrates the law of demand: Other things remaining the same, a rise in the price of a good will ________
A. decrease the quantity demanded of that good B. increase the demand for a substitute of that good C. decrease the demand for the good D. increase the demand for a complement of that good
Which of the following statements is not true?
a. The rate at which Bitcoins grow is very similar to Milton Friedman's k-percent rule. b. Bitcoins can be bought, traded, and earned by solving a time-consuming computer algorithm. c. Bitcoins are becoming more widely accepted by real-world merchants. d. All of these statements are true. None is false.
If a profit-maximizing competitive firm ________ compensate society for a negative externality, the firm will choose to produce where price equals marginal cost.
A. is pressured to B. does not have to C. voluntarily chooses to D. is legally bound to
What are the main differences between adverse selection and moral hazard in the insurance market?
What will be an ideal response?