Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth.
ii. Real GDP per person will return to subsistence level.
iii. Technology drives persistent economic growth.
A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii
E
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The more the short-run output exceeds an economy's potential, _____
a. the smaller the expansionary gap b. the greater the upward pressure on the price level c. the larger the recessionary gap d. the greater the downward pressure on the price level e. the lesser the demand for resources
If you are assigned the role of Player A in the Ultimatum game and you propose that player B gets $1 and you get $99
a. you are behaving as a rational wealth-maximizer and player B is likely to accept your offer. b. you are behaving as a rational wealth-maximizer and player B is likely to reject your offer. c. you are not behaving as a rational wealth-maximizer and player B is likely to accept your offer. d. you are not behaving as a rational wealth-maximizer and player B is likely to reject your offer.