How has improved resource allocation stimulated economic growth?
Please provide the best answer for the statement.
Improved resource allocation means that workers and resources are moved from low productivity areas to high productivity areas. In terms of workers, the movement has historically been from low productivity agricultural jobs to higher productivity manufacturing jobs, and now to even higher productivity software engineering, business consulting, and pharmaceutical jobs. Also, less discrimination in education and jobs has allowed women and minorities to gain higher productivity jobs, improving the overall productivity of the labor force. This is one way better resource allocation can lead to economic growth.
Tariffs, quotas and other trade barriers hinder resource allocation in international trade. However, the recent movement towards opening trade through international agreements has improved resource allocation and labor productivity, and has expanded output across the world.
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The fastest-growing component of U.S. personal consumption is services
a. True b. False
If the LM curve shifts down, this would be consistent with:
A) a rise in the money supply. B) a fall in interest rates. C) a rise in interest rates. D) both a rise in the money supply and a fall in interest rates.
In a perfectly competitive market, if one seller chooses to charge a price for its good that is slightly higher than the market price, then it will _________.
A. lose all or almost all of its customers. B. see no change in its number of customers. C. see a small decrease in its numbers of customers. D. All of the above are equally likely.
Foreign currency market trading volume in 2016 was estimated to be approximately $3 billion per day.
Answer the following statement true (T) or false (F)