Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?
production of additional goods and services that people value highly relative to the cost of their production
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The demand for money is
A) positively related to the nominal interest rate. B) positively related to the real interest rate. C) positively related to the price level. D) negatively related to real GDP. E) negatively related to the price level.
Growing technology has provided increased opportunities for higher-skilled workers
Indicate whether the statement is true or false
A current account surplus indicates that America is ________ its claims on foreign wealth, while a deficit indicates that this country is ________ its claims on foreign wealth
A) reducing; reducing B) reducing; increasing C) increasing; reducing D) increasing; increasing
The elasticity approach to measuring the sensitivity of quantity demanded to changes in price differs from using the slope because the elasticity approach calculates the ratio of the
a. absolute change in price to the absolute change in quantity demanded b. absolute change in quantity demanded to the percentage change in price c. absolute change in quantity demanded to the percentage change in price d. percentage change in quantity demanded to the percentage change in price e. average change in price to the average change in quantity demanded