Economic growth implies that:
A.) Prices have risen.
B.) Total value of the output produced has increased.
C.) Per capita GDP has declined.
D.) Resources are limited.
B.) Total value of the output produced has increased.
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As McDonald's expanded globally, it was able to achieve:
A) economies of scope. B) economies of scale. C) diseconomies of scale. D) none of the above.
If demand is elastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.
The quantity demanded of a product increases as its price declines because the:
A. lower price results in an increase in supply. B. demand curve is downsloping. C. lower price shifts the demand curve rightward. D. lower price shifts the demand curve leftward.
The dates of turning points are determined by a committee from the
A. BEA. B. FBI. C. NBER. D. BLS.