Some researchers argue that the overall standard of living increased during the 1920s. In general, holding constant all other factors that might impact it, economists are careful about connecting an increase in the standard of living to
(a) increases in the amount of labor used in production processes.
(b) new inventions being made in research laboratories.
(c) increases in the output of goods and services per worker.
(d) the discovery of new sources of gold and silver.
(c)
You might also like to view...
Which of the following is true within exchange economies:
A. All efficient allocations lie in the set of core allocations. B. All core allocations are efficient. C. The set of efficient allocations can be defined without knowing individual endowments. D. (a) and (b) are true. E. (a) and (c) are true. F. (b) and (c) are true. G. All of the above are true. H. None of the above are true.
A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
The expenditure schedule will shift upward when
A. investment falls. B. the price level rises. C. net exports decrease. D. autonomous consumption increases.
Increases in a country's endowments of factors of production increase current output but do not contribute to long-run economic growth.
Answer the following statement true (T) or false (F)