Economic growth is
A. cannot be illustrated by the shift of a production possibilities curve, while economic development can.
B. includes improvements in the quality of life, while economic development considers only GDP per capita.
C. defined qualitatively, while economic development is more quantitative in nature.
D. defined quantitatively, while economic development is more qualitative in nature.
Answer: D
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Which of the following statements is true?
a. MC = ?TC/ ?Q b. MC = TFC/Q c. MC = ATC/Q d. MC = Q/L e. none of the above
Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP
At a price of $4.95, a pulp fiction novel is expected to sell 9,000 copies. If the novel is offered for sale at a price of $3.95, then the publisher can expect to sell
a. It is impossible to predict the effect of a lower price on sales. b. less than 9,000 copies. c. 9,000 copies. d. more than 9,000 copies
________: substitution of a product for another because the price of the former has declined or increased
Fill in the blank(s) with correct word