A nation's real GDP will increase by increasing the following, except:
A. Number of workers
B. Labor productivity
C. Technological progress
D. Average price level
D. Average price level
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A Keynesian short-run aggregate supply curve has a flatter portion and a steep portion. How does an increase in aggregate demand affect the price level differently across these two portions?
a. There is a sharp increase in the price level across the flatter portion and a small increase in the price level across the steep portion. b. There is a sharp decrease in the price level across the flatter portion and a small decrease in the price level across the steep portion. c. There is a small increase in the price level across the flatter portion and a sharp increase in the price level across the steep portion. d. There is a small decrease in the price level across the flatter portion and a sharp increase in the price level across the steep portion.
Social cooperation by means of voluntary contracts and exchanges
A) cannot occur in a socialist economic system. B) cannot occur where government sets rules that restrict behavior. C) is easier to achieve when the laws of the society are clear and unchanging. D) is harder to achieve when the members of the society own very little material property in common.
Which of the following statements is correct?
a. Environmental degradation is an example of a free rider problem.. b. The division between public goods and common resources is clear-cut. c. Some goods, such as lighthouses, may be either private or public goods. d. The free-rider problem prevents governments from supplying public goods.
Which of the following statements is correct about measuring collective demand for public and private goods?
A. Both public and private good demand are found by horizontally adding individual demand curves. B. Private good demand is found by horizontally adding individual demand curves; public good demand is found by vertically adding individual demand curves. C. Both public and private good demand are found by vertically adding individual demand curves. D. Public good demand is found by horizontally adding individual demand curves; private good demand is found by vertically adding individual demand curves.