What can a nation do to increase its economic growth? Why is economic growth among the major national economic goals of all countries?
What will be an ideal response?
A nation must increase its production possibilities in order to experience economic growth. Ingredients for economic growth include capital accumulation, investment in the labor force to increase productivity, investment in technology, and promoting the entrepreneurial spirit. Economic growth is a major national economic goal of all nations because it increases the average absolute standard of living for the nation.
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The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the smallest amount of deadweight loss?
A) A B) B C) C D) D E) A and D
A perfectly competitive market is characterized by the free entry and exit of firms
a. True b. False Indicate whether the statement is true or false
Which of the following carries out the distribution process by rationing goods on the basis of preferences and relative incomes?
A. Administered system B. Government C. Price system D. Central planning
Explain how, according to the theory of PSST (patterns of specialization and sustainable trade), economic activity can decline in the face of unchanged aggregate demand. Give a hypothetical example to help support your answer