Nothing raises the standard of living more than a greater
A. abundance of goods.
B. effort of production.
C. population.
D. number of import tariffs.
E. All of the above are true.
Answer: A
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The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Employment will decrease by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
Which of the following is most important for the achievement of higher income levels and living standards?
A) an increase in total employment B) restriction of imports that expand employment in the protected industries C) production of additional goods and services that people value highly relative to the cost of their production D) increases in government spending that create jobs
An MPC value of less than 1.0 indicates that as income increases consumption
A. also increases, and by more than the increase in income. B. will go in the opposite direction and decrease. C. also increases, though not as much as income. D. also increases, and at the same rate as the increase in income.
Keynes argued that an economy could be in equilibrium when the economy was
A. operating with some unutilized productive capacity. B. trying to operate at some output level beyond its potential capacity. C. operating either at full productive capacity or at less than full capacity. D. operating at maximum potential capacity.