To have a rising standard of living, a nation's stock of capital must
a. equal the amount of consumption in the country
b. grow faster than the population
c. be associated with a low rate of investment and high rate of consumption
d. grow slower than the population
e. decline to enable the production of essential consumption goods
B
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Jones and Smith are teaching assistants. Jones can grade 20 essays or 50 problem sets a day, while Smith can grade 20 essays or 10 problem sets a day. Therefore
A) Smith sacrifices 2 graded essays for every 2 problem sets she grades. B) Smith sacrifices 10 graded essays for every 20 problem sets she grades. C) Jones sacrifices 2 graded essays for every 5 problem sets he grades. D) Both Smith and Jones have a comparative advantage in grading essays.
Danielle Ocean pays for monthly pool maintenance for her home swimming pool. Last week the owner of the pool service informed Danielle that he will have to raise his monthly service fee because of increases in the price of pool chemicals
How is the market for pool maintenance services affected by this? A) There is a decrease in the demand for pool maintenance services. B) There is a decrease in the quantity of pool maintenance services supplied. C) There is an increase in the supply of pool maintenance services. D) There is a decrease in the supply of pool maintenance services.