Which of the following are required for economic growth? i. more goods and services produced per hour of work ii. an increase in the average hours of labor per person iii. an increase in prices
A) i and iii
B) i and ii
C) ii and iii
D) i only
E) ii only
B
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Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
If the consumption function is expressed as C = a + mpc × YD, then "a" represents
A) autonomous consumer expenditure. B) the marginal propensity to consume. C) the expenditure multiplier. D) disposable income.
Researchers believe that the economy grows at least one percentage point less annually when:
a. the ratio of public debt to GDP exceeds 90 percent for at least five years in a row. b. the ratio of public debt to GDP exceeds 50 percent for at least two years in a row. c. the growth rate of population falls for at least five years in a row d. the rate of inflation is below 4 percent for at least two years in a row. e. the growth rate of real interest rates falls for at least five years in a row.
The Depository Institutions Deregulation and Monetary Control Act passed by the Congress in 1980 led to:
a. the complete removal of thrift institutions. b. increased competition among financial institutions. c. the formation of large number of savings and loan associations. d. privatization of all financial institutions in the U.S. e. the complete removal of credit unions.