A. price to fall
B. quantity supplied to decrease.
C. price to rise
D. quantity demanded to increase
A. a place to buy things
B. a place to sell things
C. the process by which prices adjust to reconcile the allocation of resources
D. a place where buyers and sellers meet
A. be flat (horizontal)
B. slope upward
C. slope downward
D. be U-shaped.
A. neither rival nor excludable
B. rival but not excludable.
C. both rival but excludable
D. not rival but excludable
A. There is no evidence, yet that rapid population growth stretches natural resources to the point that it limits growth in productivity
B. All of these answers
C. Rapid population growth may dilute the capital stock lowering productivity
D. Rapid population growth may promote technological progress increasing productivity.
A. Progressive and thus bear down on the wealthy
B. regressive and thus bear down on the poor
C. proportional and thus bear down on all consumers in the same manner
D. deflationary and thus result in reductions in the price of imports
A. Such redistribution would mean that those who worked hard were no better off than those who were lazy and this would be unfair.
B. such redistribution would not maximize the total income of all members of society
C. Such redistribution would remove the incentive to work hard, so society’s total income would fall, and so the least well off person would be worse off than they could be under a system in which there was some inequality income.
D. such redistribution would amount to confiscation of honestly earned income from higher earners and so would be unjust.