In the long run, an improvement in a nation's standard of living is reflected by a:
a. zero rate of population growth.
b. high rate of economic growth.
c. high rate of consumption
d. high rate of labor force growth.
b
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The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Congress created the Federal Deposit Insurance Corporation to
a. sell insurance to individuals who have bank accounts b. inject reserves into the economy more quickly c. develop a better working relationship between bank managers and government officials d. charge higher interest rates to banks e. reimburse those who lose their bank deposits
A perfectly competitive firm is producing a good at a level where P = $30 and MC = $30. The firm will continue to produce in the short run as long as:
A. AVC is less than $30. B. AFC is less than $30. C. price does not increase. D. ATC is greater than $30.
Government action can cause a shift in
A. demand only. B. supply only. C. neither supply nor demand. D. either supply or demand.