According to the new growth theory, real GDP per person grows because
A) the retirement age increases.
B) the labor force participation rate increases.
C) people make choices in pursuit of profits.
D) the population increases.
E) the government subsidizes firms' research and development.
C
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A normative statement concerns
A) what is provable. B) what is correct. C) what is incorrect. D) a value judgment.
Which of the following is true about government activity in the United States?
a. Macroeconomic policy is handled mainly at the state level. b. Higher education is handled mainly at the national level. c. Primary and secondary education is handled mainly at the local level. d. Primary and secondary education is handled mainly at the national level. e. Police and fire protection are handled mainly at the state level.
Economic growth is measured by the: a. advancement in the quality of a nation's technology
b. rate of business investment and capital formation. c. annual percentage change in per capita real output of goods and services. d. marginal change in nominal output divided by total output from the previous year.
Costs that vary with each unit produced are called
a. variable costs b. semivariable costs c. fixed costs d. indirect costs e. hidden costs