More economic growth is not necessarily better unless the benefits of growth:
A. exceed the costs of growth.
B. increase average labor productivity.
C. increase human capital.
D. increase real GDP per capita.
Answer: A
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Which of the following statements is correct?
A) A change in demand or supply can only be caused by a change in price. B) A simultaneous decrease in demand and increase in supply will result in an increase in equilibrium price and uncertain effect on quantity. C) If price is currently above equilibrium, market adjustments will result in a decrease in price and quantity supplied. D) An increase in supply invariably leads to a shortage in the affected market.
Some policymakers claim that raising the minimum wage leads to higher employee morale and productivity. In this sense, an increased minimum wage would be operating like
A) an equilibrium real wage. B) an efficiency wage. C) a full employment wage. D) a sticky wage.
Which of the following is included in GDP computation according to the income method?
a. Consumption b. Profits c. Investment d. Government spending e. Imports
A predicted value of a dependent variable:
A. represents the difference between the expected value of the dependent variable and its actual value. B. is always equal to the actual value of the dependent variable. C. is independent of explanatory variables and can be estimated on the basis of the residual error term only. D. represents the expected value of the dependent variable given particular values for the explanatory variables.