Growth of output per person at a constant rate is referred to as ________
A) a balanced growth path
B) a steady state
C) a ratio scale
D) an amplification effect
A
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If the price exceeds the average variable cost, by producing the level of output such that marginal revenue equals marginal cost, the firm ensures that it will
A) earn an economic profit. B) not suffer any losses. C) earn the largest profit possible. D) survive in the long run.
A fiscal policy designed for maximum stimulus of economic growth must discourage current ________ and thus makes for, at least in the short run, a ________ even income distribution
A) consumption, less B) consumption, more C) private saving, less D) private saving, more
Interdependent decision making on price, quality, or advertising is characteristic of
a. perfect competition b. monopolies c. oligopolies d. monopolistic competition e. both oligopolies and monopolistic competition
Despite the elimination of the federal budget deficit in the late 1990s, the trade deficit increased due to
A. increased household saving. B. decreased household saving. C. a depreciation of the dollar. D. an increase in inflation rates.