A reduction in a country's saving rate will tend to cause which of the following in the long run?
A) an increase in labor productivity B) an increase in the standard of living
C) a reduction in economic growth D) an increase in per capita real GDP
C
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There are many excellent substitutes for water in almost all American cities because
A) the demand for water is elastic. B) the demand for water is inelastic. C) the supply of water is limited. D) there are so many alternative drinks readily available in the marketplace. E) water is cheap, and people therefore use it for many different purposes.
Refer to the scenario above. Which of the following is likely to happen if the service center has a reputation of trustworthiness?
A) You will trust the mechanic and he will cooperate. B) You will trust the mechanic but he will defect. C) Neither of you will gain from trade. D) Only the mechanic will gain.