"Absolute real economic growth" is defined as an increase in __________ from one period to the next
A) GDP
B) Real GDP
C) Real GDP per person
D) the inflation rate
B
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Your friend owns a snow cone stand that he works by himself. He produces about 25 snow cones per hour. He wants to be able to produce twice as many snow cones per hour so he buys a second machine
He notices that he can only produce 10 more snow cones an hour. He jokes that he could have doubled his output with the second machine if he only had four hands. Using your knowledge of the production process, explain to your friend what you think has happened when he added more capital to his production process.
The distribution of income in a market economy is determined by
a. the level of employment and prices of the factors of production. b. the prices of factors of production. c. largely unknown forces which economists seek to discover. d. decisions of government offices related to distribution.
Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):
A. increase in supply. B. decrease in supply. C. increase in quantity supplied. D. decrease in the quantity supplied.
The strength of the demand for a resource depends on the following factors, except:
A. Supply of the resource B. Productivity of the resource C. Price of the product the resource helps to produce D. Demand for the product the resource helps to produce