The law of demand applies to

Group of answer choices

All of these

clean air

clean water

clean streets

the maintenance of endangered species

Generally speaking, resources are used more wastefully and carelessly when

Group of answer choices

users do not have to pay the opportunity cost for using resources.

users obtain the resources through the market process.

users use resources to only advance the projects they are interested in.

users privately own resources.

Economics assumes people

Group of answer choices

try to advance their own projects in market and government processes.

tend to compete more in markets than they do in government.

tend to cooperate more in markets than they do in government.

try to pursue the public interest but find over time that only private interests matter.

Can nominal GDP increase even when real GDP decreases?

Group of answer choices

Yes, but only if the price level increases.

No, it is not possible.

Yes, but only if the price level decreases.

Yes, but only if the price level remains unchanged.

Which of the following accurately measures the welfare or happiness of society?

Group of answer choices

None of these

Real GDP

Nominal GDP

Both nominal and real GDP

Which of the following most accurately describes what occurs during a time of inflation?

Group of answer choices

The purchasing power of money falls.

People must work longer to live as well.

The average standard of living declines.

The cost of living increases.

Economic growth is supported by

Group of answer choices

All of these

the rule of law

competent, non-corrupt government official

an educated populace

openness to international trade and investment