Which of the following is a true statement?
A. Most economists believe that increases in real GDP actually produce decreases in overall economic well-being because of spillover costs.
B. Economists who support economic growth say that it is the most practical route to the higher standards of living the vast majority of people desire.
C. Mainstream economists disagree as to whether the rate or productivity growth was higher between 1995 and 2009 than between 1973 and 1995.
D. Most economists believe that the recent productivity acceleration implies an end to the business cycle.
Answer: B
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Suppose the economy is at an equilibrium when C + I + G + X = $12 trillion. If the economy is currently at a real national income level of $14 trillion, then total planned real expenditures
A) exceed real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase. B) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will decline. C) are equal to real Gross Domestic Product (GDP), and there will be no change in real Gross Domestic Product (GDP). D) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase.
In determining how much labor union workers will offer, the union concerns itself mainly with the
A. Marginal wage curve. B. Market wage curve. C. Labor demand curve. D. Marginal revenue product curve.
On a graph of a production possibilities curve, an inefficient point is:
A. necessarily an attainable point. B. possibly an unattainable point. C. necessarily an unattainable point. D. not necessarily an attainable point.
Refer to the diagram. Flow 1 represents:
A. wage, rent, interest, and profit income.
B. land, labor, capital, and entrepreneurial ability.
C. goods and services.
D. consumer expenditures.