Increases in the prices of services due to improvement in its quality indicate a(n) _____
a. decline in productivity.
b. decline in real GDP.
c. increase in output.
d. decline in manufacturing output.
e. increase in technological progress.
c
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The Lewis two sector model
a. Explains rapid growth in Asia b. Says that excess labor in agriculture can be used as a source of growth c. transfers a surplus from the traditional to the modern sector d. All of the above e. None of the above
Individual income taxes and social insurance taxes generate the highest tax revenue for the federal government
a. True b. False Indicate whether the statement is true or false
Suppose there are only two people in the world. Each person's production possibilities frontier also represents his or her consumption possibilities when
a. neither person faces trade-offs. b. the frontiers are straight lines. c. the frontiers are bowed out. d. they choose not to trade with one another.
Which of the following is NOT a reason the Fed changes the rate of growth of the money supply?
A. to influence aggregate demand B. to influence the amount of investment C. to shift the demand for money curve D. to influence the amount of consumption