Are economic growth and progress synonymous? How might they differ?
What will be an ideal response?
This is an open-ended question to which there is no easy answer. However, there are some points upon which most economists would agree. First, economic growth is a necessary condition for progress. It is hard to imagine any definition of progress that includes a static or declining economic condition, especially in nations with low standards of living.
While growth is necessary for progress, the two are not synonymous. The best way to argue this point would be to present the case against continued economic growth as presented in the text. Clearly, economic growth has its negative side that would negate progress in some areas, and economic growth does not solve problems that would indicate progress toward goals in other areas.
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Yield
What will be an ideal response?
Traders should specialize in the good in which:
A) they have the lowest opportunity cost. B) they have an absolute advantage. C) their trading partner has the lowest opportunity cost. D) they do not have an absolute advantage.
The real interest rate equals the nominal interest rate ________ the inflation rate
A) times B) divided by C) plus D) minus
Answer the following questions true (T) or false (F)
1. Explicit costs are nonmonetary costs. 2. An increase in liabilities will reduce a firm's net worth. 3. A firm's net income is also its accounting profit.