Which of the following is not true concerning economic growth?
A. It can be sustained in the short run but not the long run.
B. It means that the production possibilities have expanded.
C. It's the result of more resources or better technology.
D. It is an increase in real GDP.
Answer: A
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An industry's output is produced at the lowest possible cost when
a. firms' marginal costs are equal. b. firms minimize their average costs. c. all firms earn the same profit. d. output is evenly divided among the industry's firms.
What is meant by the term "rate of interest"? If the nominal rate of interest in an economy is 6%, and the rate of inflation in the economy is 4%, what is the real rate of interest in the economy?
What will be an ideal response?
According to the ability-to-pay principle of taxation
A) people in the same economic situation should bear an equal share of the tax burden. B) individuals who are willing to bear a greater share of the tax burden should be compensated with non-monetary benefits. C) it is fair to expect a greater share of the tax burden to be borne by people who have a greater ability to pay. D) individuals who receive the benefit of a good or service should bear a greater share of the tax burden.
Why is money as a medium of exchange important in an economy?
What will be an ideal response?