Economic growth is equal to:
a. total factor productivity plus amounts of resources.
b. growth in total factor productivity plus growth in amounts of resources.
c. total factor productivity minus marginal factor productivity.
d. real GDP plus national output.
e. GNP plus GDP.
b
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In a mixed economy, the government plays some role in the working of free markets.
Answer the following statement true (T) or false (F)
In the short run, a monopolistically competitive firm chooses
A) both its price and its quantity. B) its price but not its quantity. C) its quantity but not its price. D) neither its price nor its quantity.
The reserves of financial institutions:
a. Are assets that financial institution's try to keep at the legal limit. b. Are made up mainly of government securities and high quality corporate bonds. c. Include the liability called "Borrowing from the central bank." d. None of the above is correct. e. Are the largest liability in a financial institution's balance sheet.
Suppose the quantity of money is $1,000, the velocity of circulation is 6, and real GDP is $4,000. Then the price level is
A) 2.0. B) 2.5. C) 1.1. D) 1.5. E) 6.0.