The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) population; production B) population; income
C) population; GDP per capita D) production; population
D
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What does it mean to say that economists use the scientific method? How do economists distinguish between models that work and those that don't?
What will be an ideal response?
Assume you and your best friend set up a partnership and your lawyer tells you that as the owners, you could each stand to lose your personal wealth if the business goes bankrupt. This means a partnership
A) faces limited liability. B) has little chance of succeeding. C) faces unlimited liability. D) is not a good type of business to set up.
In the long-run production function, all of the inputs to the production process are allowed to vary
Indicate whether the statement is true or false
Figure 10-9
Figure 10-9 illustrates a period of
a.
economic growth and high inflation.
b.
economic growth and low inflation.
c.
economic recession and high inflation.
d.
economic recession and low inflation.