Long-Term Growth in Production Can Be Partially Explained by

question 34

Multiple Choice

Long-term growth in production can be partially explained by

• A)improvements in the "rules of the game" that facilitate production and exchange
• B)the peaks and troughs of the business cycle (or economic fluctuations)
• C)trade surpluses that lead to accumulations of precious metals
• D)federal government budget deficits
• E)a gradual but consistent increase in the price level

Recognize the possibility of abnormal consumer responses to income and price changes, including Giffen goods and inferior goods.

Apply consumer choice theory to analyze real-world economic situations and experiments.

Understand the concept of consumer optimum and how it is determined by the intersection of budget constraints and indifference curves.

Calculate the optimum consumption bundle given a consumer's income and prices of goods.

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Definitions:

Pericycle

A layer of cells found in plant roots, between the endodermis and the phloem, capable of initiating lateral root growth.

Root Hairs

Thin, hair-like extensions from root cells that increase surface area for water and nutrient absorption from the soil.

Epidermis

The outermost layer of cells in plants and animals, serving as a protective barrier against environmental threats.

Cortex

In plants, the layer of tissue between the vascular bundle and the epidermis in stem and root; in the brain, the outer layer of neural tissue.