There Are a Number of Benefits That Usually Accompany Economic

question 61

Multiple Choice

There are a number of benefits that usually accompany economic growth. The following are such benefits EXCEPT

• A) increase in literacy.
• B) increased expected life-spans.
• C) political stability.
• D) urban congestion.

Define productive and allocative efficiency and differentiate between them.

Assess how changes in determinants of demand and supply, such as consumer income or resource prices, affect market equilibrium.

Explain the impact of changes in the prices of substitute goods on the demand for a product.

Identify the outcomes of simultaneous shifts in both supply and demand curves on equilibrium price and quantity.

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Definitions:

Calculus-based Trust

A form of trust predicated on the calculation and expectation that another individual will act in a predictable manner, often based on the perceived benefits and penalties associated with maintaining or betraying trust.

Deliver Promises

The act of fulfilling or keeping commitments and expectations previously agreed upon.

Counterproductive Norms

Established patterns of behavior within a group that hinder its achievement of goals or negatively affect its performance.

Persuasive Communication

The process of utilizing messages with the intent to influence the attitudes, beliefs, or behaviors of others.