Economic growth is
a. growth in inflation over time
b. growth in real GDP over time
c. growth in unemployment over time
d. growth in net exports over time
Answer: b. growth in real GDP over time
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Is faster economic growth unambiguously better?
A. No, because growth has an opportunity cost. B. No, because growth serves no useful purpose. C. Yes, because more goods and services are always better. D. Yes, because it expands the production possibilities of an economy. E. Uncertain, economic growth has no answer to this question.
A demand curve is ________ sloping because ________.
A. upward; people prefer to purchase high-quality consumer goods B. downward; reservation prices tend to fall over time C. downward; fewer people are willing to buy an item at higher prices D. downward; of increasing opportunity costs
The cost of owning a government bond is ________, and the benefit of owning one is ________.
A. interest earned; that it is not very liquid B. that it is as liquid as cash; interest earned C. that it is highly liquid;interest charged D. interest charged; that it is not very liquid
A competitive firm maximizes profits when price equals marginal cost.
a. true b. false