Technological advances primarily help a country increase its rate of economic growth ______.
a. through implementation of the Malthusian prediction
b. through savings in labor, resources, or capital
c. by eliminating the need for human labor
d. by being sold to developing foreign countries
b. through savings in labor, resources, or capital
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The federal funds rate is ________ of the Fed
A) a technique B) a monetary policy rule C) the monetary policy instrument D) an objective E) a goal
The value of final output produced in a given period, measured in current prices, is
A. GNP. B. Real GDP. C. Nominal GDP. D. NDP.
The demand for any factor of production in a competitive industry depends on
A. its productivity and the productivity of all other inputs. B. the amount of the factor that is used and the amounts of all the other factors that are used. C. the productivity of all the other inputs and how these inputs are valued in the marketplace. D. its productivity and upon the value of its output in the marketplace.
Price and total revenue are inversely related when demand is
A. price elastic. B. price inelastic. C. perfectly price inelastic. D. unit price elastic.