An economy experiences growth if it produces more goods and services in a year than it did in the year prior.
Answer the following statement true (T) or false (F)
True
An economy experiences growth if it produces more goods and services than it did the year before.
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Diminishing marginal utility means that
a. as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall b. as you hire more labor, other things constant, the total amount produced begins to fall c. as you hire more labor, other things constant, the marginal product begins to fall d. as you consume more of a good, other things constant, the additional satisfaction you obtain from each additional unit of the good tends to fall e. as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative
Including discouraged workers in the labor market statistics would raise the unemployment rate
a. True b. False Indicate whether the statement is true or false
Planning from the achieved level refers to:
a. Planning in Japan b. Indicative planning in France c. Soviet planning practice d. All of the above e. None of the above
Despite its status as one of the richest countries in the world, Japan
a. has a very low level of productivity. b. has few natural resources. c. has very little human capital. d. engages in a relatively small amount of international trade.