Economic progress is best measured by
a. the growth rate of prices over time.
b. the growth rate of GDP per capita
c. the amount of time it takes a worker to work to afford certain goods and services.
d. the growth rate in the population.
b
You might also like to view...
When the Fed makes an open market purchase of government bonds, it does so with the intention of decreasing the money supply
Indicate whether the statement is true or false
According to your authors, the "boom-bust" cycle is primarily caused by
A) government tax and spend policies. B) an artificial lowering of interest rates through expansionary monetary policy. C) waves of irrational optimism and pessimism in the business community. D) a clash of interests among capitalists and laborers.
Benefits of international trade include the ability of countries to exchange what they have and can produce at a comparative advantage for goods and services that they lack. International trade is good for businesses because it allows them to maximize their production resources and may lead to economies of scale. Increased competition in the global marketplace can help to keep prices down, which is good for consumers. In addition, consumers benefit from the increase in choices. Factors that contribute to international trade include improved transportation and communication, which makes it possible, for example, to grow food in one part of the world and deliver it for consumption in another.
What will be an ideal response?
In 2017 about 12% of personal income in the United States came from
A. wage supplements. B. property income. C. wages and salaries. D. transfer payments.