If output growth exceeds population growth for a country, then:
A.) Average living standards will increase.
B.) GDP must have grown at a very rapid rate.
C.) Per capita GDP will decrease.
D.) This country must have overcome the problem of scarcity.
A.) Average living standards will increase.
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Each additional unit of output produced by a unit of labor is valued at the price of the firm's output
a. always. b. when the firm is selling in a competitive market. c. when the firm has monopoly power in the market for its output. d. when the firm has monopsony power in the market for labor.
Refer to the scenario above. Net exports of Lawland equal:
A) $680 billion. B) -$180 billion. C) -$210 billion. D) $1,820 billion.
In the nation's financial markets, what are the various ways a firm can obtain financial capital?
What will be an ideal response?
Which of the following is false of perfectly competitive firms? a. As new firms enter an industry where sellers are earning economic profits, the result will include a reduction in the equilibrium price. b. In a constant-cost industry, the industry does not use inputs in sufficient quantities to affect input prices
c. In a constant-cost competitive industry, the long-run effect of an increase in demand is an increase in industry output but no change in the industry price. d. All are true.