The standard of living rises at a faster pace than labor productivity if

A) n = q.
B) n < q.
C) n > q.
D) The standard of living is not affected by the relative size of n and q.


C

Economics

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The production possibilities curve in Figure 2.1 illustrates the notion of

A) opportunity cost. B) increased factory goods production. C) diminishing resources. D) increased farm produce production.

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If the difference between the marginal benefit and the marginal cost of a good is as large as possible,

A) resources are being used with maximum efficiency. B) resources would create more value producing other goods and hence the production of this good should be decreased. C) more of the good should be produced. D) allocative efficiency has been attained. E) Both answers A and D are correct.

Economics

Checks ________ money and checking deposits ________ money

A) are; are B) are; are not C) are not; are D) are not; are not

Economics

During the colonial period, the U.S. and other countries relied on "privateers.". Which of the following most accurately describes privateers?

a. Privateers were also known as pirates. b. Privateers were citizens who owned ships that attacked vessels from rival nations. c. Privateers were groups of convicts who stole from American sailing vessels. d. Privateers were a formal group part of the American Navy.

Economics