Answer the following statements true (T) or false (F)
1) Productivity growth was greater between 1973 and 1995 than between 1995 and 2012.
2) The economy of 1995-2012 was characterized by greater productivity growth and greater
economic growth than in the immediately preceding two decades.
3) Because of the recent rise in the average rate of productivity growth, the business cycle is
dead.
4) Critics of economic growth say studies show that people are not interested in achieving higher
standards of living.
1) F
2) T
3) F
4) F
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Under conditions of perfect competition, marginal revenue
a. exceeds average revenue. b. is less than average revenue. c. always exceeds marginal cost. d. equals average revenue.
Suppose a consumer is willing to pay a maximum of $45 for a brand of perfume whose price increases from $37 to $41 . What will be the impact of this price rise on the consumer surplus?
a. Consumer surplus will increase by $8. b. Consumer surplus will decline by $8. c. Consumer surplus will increase by $4. d. Consumer surplus will decline by $4.
In the theory of economic development, the competing strategy to the big-push is
a. unbalanced development with forward and backward linkages b. supply and demand c. balanced economic development d. real and money investments e. government spending (financed by taxes)
Over a given period of time, if exports are greater than imports, the result is
A. A trade war. B. A trade surplus. C. An embargo. D. A trade deficit.