What is the difference in the concepts of economic growth and economic expansion?
a. Both terms are used interchangeably and refer to quarterly increases in output.
b. Economic growth refers to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period. An expansion refers to a shorter time period during which output increases quarter by quarter or year by year.
c. An expansion refers to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period. Economic growth refers to a shorter time period during which output increases quarter by quarter or year by year.
d. Both terms are used interchangeably and refer to the long-tun upward trend in output over a longer period of time, usually more than a decade, which is measured as the average annual change in output over the period.
e. Economic growth is the term reserved for periods of prosperity in less developed countries while expansion is the term reserved for developed industrial countries.
B
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The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.
According to Hughes and Cain (2011), all of the following have been primary motives throughout American history for government regulation except
(a) the existence of monopoly power (b) quality control of products and services (c) funding of government activities through taxation (d) raising wages and improving working conditions
The more firms are present in a market, the:
A. more competition is likely to be present. B. less competition is likely to be present. C. more like a monopoly it will behave. D. more collusion is likely to occur.
When the prevailing market wage is above equilibrium:
A. the surplus of labor is the amount of unemployment in the market. B. the difference between the quantity supplied and the quantity of labor demanded is unemployment. C. unemployment occurs. D. All of these are true.