1 - The dramatic rise in average income for those living in...

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The dramatic rise in average income for those living in the United States over the last 100 years has had the following effect on life expectancy: ( ) A) It has caused life expectancy to fall since the pressure of the faster pace has damaged health. (X) B) It has caused life expectancy to increase since the benefits of higher income on life expectancy outweigh the detrimental effects. ( ) C) It has caused life expectancy to fall since economic growth has led to devastating health- damaging problems. ( ) D) It has had no effect because life expectancy does not depend on income. Feedback: Life expectancy has increased drastically over the last 100 years in the United States. Which of the following would not be studied in macroeconomics? (X) A) National unemployment rate ( ) B) Inflation ( ) C) Economic growth ( ) D) Market for new cars Feedback: The market for new cars would be studied in microeconomics , which deals with the pieces or parts of the economy. Which of the following statements regarding scarcity are true? ( ) A) Scarcity occurs because our available resources are incapable of producing enough goods and services to satisfy everyone's wants. ( ) B) Even if our average per-capita income were to increase to $1,000,000 per year, scarcity still would not be eliminated.
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(X) C) Both (a) and (b) above are true. ( ) D) None of the above statements are true. Feedback: Scarcity means that there aren't enough resources to produce everything that people want, and scarcity is a problem in any economy. If a nation were to save more, consume less, and produce more capital goods, then: (X) A) Current consumption would rise but future production would fall. ( ) B) Current consumption would fall but future production would rise. ( ) C) There would be no change in either current consumption or future production. ( ) D) Both current consumption and future production would fall. Feedback: By saving more now and consuming less, a nation will be able to produce more
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This note was uploaded on 03/07/2012 for the course BUSN 1000 taught by Professor Web during the Spring '12 term at Webster.

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1 - The dramatic rise in average income for those living in...

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