Are economic growth and progress synonymous? How might they differ?
Please provide the best answer for the statement.
This is an open-ended question to which there is no easy answer. However, there are some points upon which most economists would agree. First, economic growth is a necessary condition for progress. It is hard to imagine any definition of progress that includes a static or declining economic condition, especially in nations with low standards of living.
While growth is necessary for progress, the two are not synonymous. The best way to argue this point would be to present the case against continued economic growth as presented in the text. Clearly, economic growth has its negative side that would negate progress in some areas, and economic growth does not solve problems that would indicate progress toward goals in other areas.
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What will be an ideal response?
What is the approximate percent of GDP produced by private firms in the United States?
a. 4 percent b. 11 percent c. 25 percent d. 57 percent e. 75 percent
Bob's Burgers is well-known for introducing new types of burgers every month. However, after a year, it was seen that the cost of changing the price tags and food menu every month was greater than the profit earned. In order to minimize the cost, Bob's Burgers digitized its menu. The cost experienced by Bob's Burgers exemplifies _____
a. sunk costs b. opportunity costs c. menu costs d. variable costs
Refer to the following graph. The price of capital (r) is $20.
At the optimal combination of inputs for producing 14,000 units of output, what is the marginal rate of technical substitution?
A. 0.80 B. 2.5 C. 1.5 D. 0.67 E. impossible to tell from the graph