On average, since 1900 U.S. output has grown roughly ________ times faster than population growth.
A. 3
B. 4
C. 5
D. 2
Answer: A
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In Figure 3-2, at point B
A. it is impossible to increase production of consumer goods. B. it is impossible to increase production of capital goods. C. it is possible to increase production of both capital goods and consumer goods simultaneously. D. it is impossible to increase production of both capital goods and consumer goods simultaneously.
An increase in the money wage rate leads to
A) a rightward shift of the aggregate supply curve. B) a downward movement along the aggregate supply curve. C) an upward movement along the aggregate supply curve. D) a leftward shift of the aggregate demand curve. E) a leftward shift of the aggregate supply curve.
According to Okun's law, if full-employment output is $5000 billion, then each percentage point of unemployment sustained for one year reduces output by
A) $50 billion. B) $100 billion. C) $150 billion. D) $200 billion.
During the industrialization of the U.S., wealth was
(a) unequally divided among the population but accumulating. (b) a product of a federal plan for economic development and growth. (c) the sum of all revenue earned by U.S. households and businesses. (d) none of the above.