Which of the following would contribute to a sustained high rate of economic growth in the long run in an economy?
A) growth in capital per hour worked accompanied by technological change
B) increases in labor force participation rates as workers who are out of the labor force pursue rising wages
C) a shift of workers in the economy from the agricultural sector to the nonagricultural sector
D) an influx of immigrant labor into an economy without any accompanying technological change
Answer: A
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If the value of the output generated by a country's factors of production within the borders of foreign countries is higher than the value of output of foreign factors of production within its borders, ________
A) the GDP of the country is higher than its GNP B) the GDP of the country equals its trade balance C) the GDP of the country equals its GNP D) the GDP of the country is lower than its GNP
If a country's rules-based monetary policy sets the annual money supply growth rate equal to the average annual growth rate of Real GDP, and velocity is a constant, then the price level
A) is also constant. B) rises in years when Real GDP rises. C) rises in years when Real GDP growth is less than average. D) rises in years when Real GDP growth is greater than average.
"The invisible hand" is really the ____________.
Fill in the blank(s) with the appropriate word(s).
Economics does not study correct or incorrect behaviors but rather it assumes that economic agents behave ________, meaning they make the best decisions given their knowledge of the costs and benefits
A) equitably B) rationally C) emotionally D) selfishly