Modern economic growth refers to countries that have experienced an increase in:
A. real GDP over time.
B. nominal GDP over time.
C. real output spread evenly across all sectors of the economy.
D. real output per person.
Answer: D
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Demand for labor is
A. derived demand. B. highly elastic. C. dependent on its supply. D. directly proportional to capital employed.
A decrease in the wage rate
A) shifts the firm's demand for labor curve rightward. B) shifts the firm's demand for labor curve leftward. C) leads to a movement along the demand for labor curve but does not shift the curve. D) None of the above answers is correct.
The multiplier equals
A) consumption/real disposable income. B) change in consumption/change in real disposable income. C) 1/MPC. D) 1/(1 - MPC).
Economists depict distribution of income by drawing a Lorenz curve above the diagonal
Indicate whether the statement is true or false