Recall the Application about the effect of global warming on economic growth to answer the following question(s). According to this Application, over time, as economies adapt to higher temperatures:
A. approximately half the decline in per capita income disappears.
B. approximately half the increase in per capita income disappears.
C. per capita income does not seem to change.
D. real income begins to increase and per capita income begins to decrease.
Answer: A
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A competitive market with flexible prices and many buyers and sellers will:
A) tend to create surpluses. B) tend to create shortages. C) reach an equilibrium where the market clears. D) reach and equilibrium only if a government agency sets the price.
Falling transportation costs in the 19th century
a. fostered regional specialization according to comparative advantage. b. created increasing lags for price declines along the Mississippi. c. propelled the process of western expansion. d. All of the above. e. Both a and c are correct.