_____ is an important determinant of its standard of living in the long run
a. A nation's net exports
b. The productivity of a nation's resources
c. A nation's population growth rate
d. The deficit in a nation's capital account
e. The deficit in a nation's current account
b
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In a model with leisure hours and a composite consumption good, you cannot tell whether workers will work more or less if tastes are quasilinear in the consumption good.
Answer the following statement true (T) or false (F)
Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?
A) that inflation is directly related to expectations of future inflation B) that inflation is negatively related to the unemployment gap C) that in the long run unemployment will be at the natural rate D) all of the above E) none of the above
If a tax system is progressive, then
A. the marginal tax rate is greater than the average tax rate as income rises. B. the average tax rate is constant, but the dollar amount paid in taxes increases as income increases. C. the average and the marginal tax rates are equal. D. the marginal tax rate is lower than the average tax rate as income rises.
A firm is experiencing a loss of $5,000 per year when operating. The firm has fixed costs of $8,000 per year. The firm should _________ in the short run and should _________ in the long run.
a. operate; shut down b. shut down; operate c. operate; operate d. shut down; shut down