Answer the following statements true (T) or false (F)
1) A nation that realizes a 3 percent increase in its output per person is experiencing modern
economic growth.
2) Output per person has grown steadily since the beginning of the Roman Empire.
3) China's GDP per person in 2011 was about one-third of U.S. GDP per person in the same
year.
4) Economists refer to purchases of stocks and bonds as "investment."
1) T
2) F
3) F
4) F
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Children can be viewed as retirement insurance and thus provide individuals with incentive to create large families
Indicate whether the statement is true or false
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
If Max experiences a decrease in his income, then we would expect Max's demand for
a. each good he purchases to remain unchanged. b. normal goods to decrease. c. luxury goods to increase. d. inferior goods to decrease.
What economic argument suggests that if transactions costs are sufficiently low, the post-bargaining equilibrium is economically efficient regardless of how property rights are distributed?
a. the Coase theorem b. the laws of supply and demand c. the law of comparative advantage d. the law of externalities