Which of the following statements is FALSE?
A) Saving helps create economic growth.
B) Improvements in quality of education are important for economic growth.
C) Free international trade helps create economic growth.
D) Faster population growth is the key to growth in real GDP per person.
E) Economic freedom requires property rights.
D
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Which of the following statements about competition in a market is true?
A) Competition forces firms to produce and sell products as long as the marginal benefit to consumers exceeds the marginal cost of production. B) Competition forces firms to undercut their selling price, thus benefiting consumers who will be able to purchase products at the lowest price possible. C) Competition forces firms to add only low profit margins to their costs of production. D) Competition forces firms to outsource the production of their labor-intensive products.
Jacob is torn between two jobs, grounds keeper and street repair. He is indifferent between the two jobs even though the street repair job pays $25 more per hour. This must mean that
a. grounds keeper is a less attractive job b. grounds keeper enjoys a compensating wage differential of $25 c. the demand for street repairmen is greater d. street repair enjoys a compensating wage differential of $25 e. the demand for grounds keepers is greater
If we observe that William's budget constraint has moved inward, then we know for certain that
a. his income must have decreased. b. he will be indifferent between goods X and Y. c. the price of one or both of the goods must have increased. d. his utility will decrease.
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. Of the following choices, Panel B best represents the demand curve for
A. Samsung televisions. B. insulin. C. an individual producer of soybeans. D. a utility company.