Economists often define economic growth in terms of changes in
A. Living standards.
B. Current GDP or actual production.
C. Population.
D. Potential GDP.
Answer: D
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The balance of trade is
A) the difference between exports and imports of goods and services. B) the difference between exports and imports of services. C) the summary record of a country's economic transactions with foreigners in a year. D) none of the above.
An economy that self-corrects an expansionary gap will experience stagflation
a. True b. False Indicate whether the statement is true or false
(Last Word) According to economist Donald Boudreaux:
A. private property eliminates the possibility that resource arrangements will be random. B. the market system threatens to do irreparable harm to the world's ecosystem. C. arranging resources under the market system is much like shuffling a deck of cards. D. the market system works wondrously for advanced industrial nations but not for developing nations.
Which of the following are ways to ration goods and services?
A) price B) physical force C) political power D) All of the above are correct.