A reduction in a country's saving rate will tend to cause which of the following in the long run?
A. an increase in labor productivity
B. an increase in per capita real GDP
C. an increase in the standard of living
D. a reduction in economic growth
Answer: D
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The two kinds of banks are ________ banks and ________ banks.
A. brokerage; investment B. federal reserve; private C. private; commercial D. commercial; investment
If the government sets a maximum price at which a good or service can be sold, it thereby creates
A) a price floor. B) a black market price. C) a price ceiling. D) an illegal price control.
Should the government provide more and more public goods, so that we move increasingly towards a 'welfare state'? Why or why not?
What will be an ideal response?
Describe the market process that should occur if the price of a product is below its equilibrium price; now describe what would occur if the price is above its equilibrium price, assuming no market interference
What will be an ideal response?