Identify the two major ways economic growth is measured
What will be an ideal response?
Economic growth can first be defined and measured as an increase in real GDP occurring over a period of time. Economic growth can also be defined and measured as an increase in real GDP per capital occurring over a period of time. Economic growth is usually calculated as an annual percentage rate of growth.
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When countries specialize in what they do efficiently and trade, the material wealth of nations
A) expands. B) contracts C) remains the same. D) Need more information to answer this question.
Explain how mandatory seat belt laws may reduce the negative externalities of risky behavior
What will be an ideal response?
Consider the labor market for short-order cooks. An increase in the wages paid to fast-food workers will cause
a. both equilibrium wages and equilibrium employment to increase in the market for short-order cooks. b. both equilibrium wages and equilibrium employment to decrease in the market for short-order cooks. c. equilibrium wages to increase and equilibrium employment to decrease in the market for short-order cooks. d. equilibrium wages to decrease and equilibrium employment to increase in the market for short-order cooks.
Under a gold standard in which France defined one franc to be worth 1/50th of an ounce of gold and the U.S. defined one dollar to be worth 1/10th of an ounce of gold, then
A. one U.S. dollar would exchange for five French francs. B. the French franc is worth only one-tenth as much as the dollar is worth. C. the U.S. dollar is valued at one-fifth of the French franc. D. on French franc would exchange for ten dollars.